The stability theory for linear neutral equations subjected to delay perturbations is addressed. It is assumed that the delays cannot necessarily vary independently of each other, but depend on a possibly smaller number of independent parameters. As a main result, necessary and sufficient conditions for strong stability are derived along with bounds on the spectrum, which take into account the precise dependency structure of the delays. In the derivation of the stability theory, results from realization theory and determinantal representations of multivariable polynomials play an important role. The observations and results obtained in the paper are first illustrated and validated with a numerical example. Next, the effects of small feedback delays on the stability of a boundary controlled hyperbolic partial differential equation and of a control system involving state derivative feedback are analyzed.