—(1) No estate duty shall be payable in respect of any gift of any property passing on the death of a person to the Government or any institution of a public character within the meaning of the Charities Act (Cap. 37) where the gift —
is made on or after 1st January 2002 but before the issue of a notice of assessment by the Commissioner under section 37;
is not any property which is deemed as property passing on the death of the person under section 7(1)(c); and
has been accepted by the Government or the institution of a public character, as the case may be,
and the value of the property passing on the death of the person shall be deemed not to include the value of the gift for the purpose of assessing the rate of estate duty.
(2) For the purpose of subsection (1), the value of any gift of any property passing on the death of a person shall be the market value of the gift at the time of the death of the person.