Section 4 Charge of gift tax

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A capital acquisitions tax, to be called gift tax and to be computed in accordance with this Act, shall, subject to this Act and any regulations made under the Act, be charged, levied and paid on the taxable value of every taxable gift taken by a donee.

What is "gift tax" and how is it computed?

You are charged to gift tax on the taxable value (section 28) of every taxable gift (section 6) taken by you where the date of the gift (section 2) is on or after 28 February 1974.