Wealth Tax Act, 1975

Wealth Tax Act, 1975 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1975 Wealth Tax Act, 1975 Wealth Tax Act, 1975 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 25 of 1975 WEALTH TAX ACT, 1975 ARRANGEMENT OF SECTIONS Section 1. Interpretation. 2. Charge of wealth tax. 3. Taxable wealth of individual. 4. Aggregation of taxable wealth of certain individuals. 5. Taxable wealth of discretionary trust. 6. Taxable wealth of private non-trading company. 7. Exemption of certain property. 8. Market value of property. 9. Market value of shares in private trading companies. 10. Net market value of productive property. 11. Net market value of other property. 12. Values agreed or determined. 13. Exclusions from net market value. 14. Accountable persons. 15. Delivery of returns. 16. Assessment of tax. 17. Signing of returns. 18. Payment of tax and interest on tax. 19. Tax to be a charge on property. 20. Receipts and certificates. 21. Relief in certain cases. 22. Overpayment of tax. 23. Appeals in relation to value of real property. 24. Appeals in other cases. 25. Recovery of tax. 26. Evidence in proceedings for recovery of tax. 27. Pedalties. 28. Agreements for relief from double taxation. 29. Loss of documents. 30. Extension of certain Acts. 31. Regulations. 32. Care and management. 33. Short title. Acts Referred to Companies Act, 1963 1963, No. 33 Income Tax Act, 1967 1967, No. 6 Finance Act, 1973 1973, No. 19 Unit Trusts Act, 1972 1972, No. 17 Tourist Traffic Act, 1939 1939, No. 24 Inland Revenue Regulation Act, 1890 1890, c. 21 Finance Act, 1926 1926, No. 35 Provisional Collection of Taxes Act, 1927 1927, No. 7 Number 25 of 1975 WEALTH TAX ACT, 1975 AN ACT TO CHARGE AND IMPOSE ON CERTAIN WEALTH A DUTY OF INLAND REVENUE TO BE KNOWN AS WEALTH TAX, TO AMEND THE LAW RELATING TO INLAND REVENUE AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [16th August, 1975] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: Interpretation. 1.—(1) In this Act save where the context otherwise requires— “accountable person” means a person who is accountable for the payment of tax by virtue of section 14; “assessable person” means an individual, discretionary trust or private non-trading company; “child” includes— (a) a stepchild; (b) a child adopted— (i) under the Adoption Acts, 1952 to 1974; or (ii) under an adoption law, other than the Adoption Acts, 1952 to 1974, being an adoption that has, in the place where the law applies, substantially the same effect in relation to property rights (including the law of succession) as an adoption under the Adoption Acts, 1952 to 1974, has in the State in relation to such rights; and such child shall be deemed to be the child of the adopter or adopters born to him or them in lawful wedlock and not to be the child of any other person; “the Commissioners” means the Revenue Commissioners; “discretionary trust” means any disposition whereby, or by virtue or in consequence of which, property is held on trust to apply, or with a power to apply, the income or capital or part of the income or capital of the property for the benefit of any person or persons or of any one or more of a number or of a class of persons whether at the discretion of trustees or any other person and notwithstanding that there may be a power to accumulate all or any part of the income and for the purposes of this definition “disposition” includes any disposition whether by deed or will and any covenant, agreement or arrangement whether effected with or without writing; “entitled in possession” means having a present right to the enjoyment of property as opposed to having a future such right, and without prejudice to the generality of the foregoing, a person shall also, for the purposes of this Act, be deemed to be entitled in possession to— (a) property comprised in an instrument which he may revoke, and (b) an interest or share in a partnership, joint tenancy or estate of a deceased person, in which he is a partner, joint tenant or beneficiary as the case may be, but he shall not be deemed to be entitled in possession to an interest in expectancy until an event happens whereby this interest ceases to be an interest in expectancy and for the purposes of this definition “interest in expectancy” includes an estate in remainder or reversion but does not include— (i) a remainder expectant on the determination of a lease. (ii) a reversion expectant on the determination of a limited interest created by the person; “limited interest” shall be construed in accordance with section 3 (5) (b); “the market value”, in relation to property, means the market value thereof ascertained in accordance with section 8 or 9 as the case may be; “minor child” means a child who has not attained the age of 21 years on the relevant valuation date and who has not married on or before that date; “the net market value”, in relation to any property, means the net market value thereof ascertained in accordance with section 10 or 11, as the case may be; “ordinarily resident” has the same meaning as in the Income Tax Acts and an individual who has been ordinarily resident in the State for a year ending on a valuation date shall be deemed to be ordinarily resident in the State on that valuation date; “personal property” means any property other than real property; “personal representative” means the executor or administrator for the time being of a deceased person and includes any person who takes possession of or intermeddles with the property of a deceased person, and also includes any person having in relation to the deceased under the law of another country any functions corresponding to the functions for administration purposes under the law of the State of an executor or administrator; “private non-trading company” has the meaning assigned to it by section 6 (3); “property” includes interests and rights of any description; “real property” means real and chattel real property and includes real and chattel real property that is impressed with a trust for sale and to which an individual or other assessable person whose property situate outside the State is not liable to tax is beneficially entitled in possession; “tax” means wealth tax chargeable by virtue of this Act; “valuation date”, in relation to any year, means the 5th day of April in that year. (2) For the purposes of this Act, a husband and wife shall be treated as living with each other, on a valuation date, unless on that date— (a) they are separated under an order of a court of competent jurisdiction or by deed of separation, or (b) they are in fact separated in such circumstances that the separation is likely to be permanent. (3) In this Act— (a) a reference to a section is to a section of this Act unless it is indicated that a reference to some other enactment is intended; (b) a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision in which the reference occurs unless it is indicated that reference to some other provision is intended; (c) a reference to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act. Charge of wealth tax. 2.—Subject to the provisions of this Act and any regulations thereunder, with effect on and from the 5th day of April, 1975, a tax, to be called wealth tax, shall be charged, levied and paid annually upon the net market value of the taxable wealth on the valuation date in every year of every assessable person and the rate of tax shall be one per cent. of that net market value. Taxable wealth of individual. 3.—(1) Subject to the provisions of this Act, the taxable wealth of an individual who is domiciled and ordinarily resident in the State on the valuation date shall comprise all the property, wheresoever situate, to which he is beneficially entitled in possession on that date. (2) Subject to the provisions of this Act, the taxable wealth of an individual other than an individual who is domiciled and ordinarily resident in the State on the valuation date shall comprise only the property situate in the State to which he is beneficially entitled in possession on that date. (3) Where the property to which an individual is beneficially entitled in possession includes an interest which is a limited interest, the whole or the appropriate part of the property in which the limited interest subsists or on which it is charged or secured or on which the individual is entitled to have it so charged or secured shall be property to which the individual is beneficially entitled in possession; and, if the limited interest of an individual who is domiciled and ordinarily resident in the State is an annuity or other periodic payment which is not charged or secured on any property, such sum, as would, if invested on the valuation date in the security of the Government which was issued last before that date for subscription in the State and is redeemable not less than 10 years after the date of issue, yield, on the basis of the current yield on the security, an annual income equivalent to the amount of the annuity or of the other periodic payment received in the twelve months prior to the valuation date shall be taxable wealth of the individual: Provided that in the case of a purchased annuity, the annuitant shall have the option— (a) of having treated for the purposes of this subsection as an annuity which is not charged or secured on any property so much of the purchased annuity as is regarded as income for the purposes of the Income Tax Acts, and (b) in addition, of having treated as part of his taxable wealth the proportion of the consideration for the purchase of the annuity which is equal to the proportion which the balance of the purchased annuity (after deducting so much thereof as is referred to in paragraph (a)) bears to the entire annuity. (4) For the purposes of this Act, where the property to which an individual is beneficially entitled in possession includes a reversion expectant on the determination of a limited interest, the individual shall himself be deemed to be entitled in possession to that limited interest and the provisions of this section shall apply accordingly. (5) For the purposes of this Act— (a) (i) an individual who is not domiciled in the State on a valuation date and who has resided in the State fornot less than— (I) 183 days in the year ending on that date, and (II) 183 days in each of six or more of the nine years immediately prior to that year, shall be deemed to be domiciled and ordinarily resident in the State on that valuation date; (ii) an individual who was domiciled and ordinarily resident in the State on a valuation date shall, notwithstanding that he ceased to be domiciled in the State after that date, be deemed to be domiciled in the State on the three valuation dates next following that valuation date: Provided that this subparagraph shall not apply to an individual to whom subparagraph (i) applies. (b) an individual shall be deemed to be entitled to an interest which is a limited interest in any case where— (i) the income, or part of the income, if any, or an annuity or other periodic payment out of the income of property to which he is not absolutely entitled, or (ii) an annuity or other periodic payment which is not charged or secured on any property, must, during any period of time (including a period determinable by reference to a death) which commences before or on and ends on or after the relevant valuation date (whether or not that date is included in the period), be paid to him or applied for his benefit and, for the purposes of subparagraph (i) of this paragraph, property to which a person is beneficially entitled in possession but to which he is not absolutely entitled shall be deemed to produce income and the income shall be deemed to be payable to him or applicable for his benefit and “limited interest” shall be construed accordingly. (c) “the appropriate part”, in relation to property referred to in subsection (3), means that part of the property which bears the same proportion to the entire property as the gross income of the limited interest firstly referred to in subsection (3) bears to the gross income of the entire property, and the property to which the individual is beneficially entitled in possession shall be deemed to include the appropriate part of each and every item of property comprised in the entire property. Aggregation of taxable wealth of certain individuals. 4.—(1) For the purposes of this Act, the property to which an individual is beneficially entitled in possession on a valuation date shall also include all the property to which— (a) the wife of the individual, if she is living with him on the valuation date, and (b) the minor children, if any, of the individual, is or are beneficially entitled in possession on the valuation date: Provided that where, on a valuation date, a wife is not living with her husband, or either of them is dead, the property to which either of them or the survivor is entitled in possession shall include the property to which a minor child of those parents is beneficially entitled in possession if, but only if, that parent has custody of the child on that date. (2) Where property of another person is included in the taxable wealth of an individual by virtue of subsection (1), the Commissioners shall, on application being made by or on behalf of that individual or other person, apportion the amount of tax assessed on the individual between the individual and that other person and the amount of tax referable to that other person shall be the amount of tax which bears the same proportion to the total amount of tax of the individual as the net market value of that person's taxable wealth bears to the net market value of the taxable wealth of the individual: Provided that the individual shall remain primarily accountable under section 14 for the payment of tax on the taxable wealth aggregated under this section notwithstanding any apportionment made under this subsection. Taxable wealth of discretionary trust. 5.—(1) (a) The taxable wealth of a discretionary trust on a valuation date shall include all the property situate in the State which is comprised in the trust on the valuation date. (b) The taxable wealth of a discretionary trust on a valuation date shall also include any property situate outside the State which is comprised inthe trust on the valuation date in any case where— (i) the settlor is living and is domiciled and ordinarily resident in the State on that date, (ii) the settlor was domiciled and ordinarily resident in the State when the trust was established, (iii) if the trust was created by will, the settlor was domiciled in the State at the date of his death, or (iv) the principal objects under the trust are domiciled and ordinarily resident in the State on that valuation date. (c) Where none of the subparagraphs in paragraph (b) applies, the taxable wealth of a discretionary trust shall (in addition to all the property situate in the State which is comprised in the trust on the valuation date) include only that proportion (if any) of the property situate outside the State that is comprised in the trust on the valuation date that equals the proportion that the number of principal objects under the trust who are domiciled and ordinarily resident in the State bears to the total number of principal objects under the trust. (2) Where, however, the sole objects under a discretionary trust are a child or children of a marriage either with his or their parent or parents or without his or their parents (or the survivors or survivor of such persons), and a minor child, being one of those children, is living on the relevant valuation date, the property comprised in the trust, shall— (a) if the valuation date occurs during the joint lives of the parties to the marriage, be deemed to be property to which the husband is beneficially entitled in possession: Provided that, if it occurs when the husband and wife are not living with each other and the husband is not an object of the trust, the property comprised in the trust shall be deemed to be property to which the wife is beneficially entitled in possession, (b) if the valuation date occurs during the lifetime of the surviving party to the marriage, be deemed to be property to which that party is beneficially entitled in possession, and (c) if the valuation date occurs when neither party to the marriage is an object of the trust or after the death of the surviving party to the marriage, be deemed to be property to which the minor children of the marriage are beneficially entitled in possession in equal shares or property to which the sole minor child of the marriage, if only one such child is living, is beneficially entitled in possession, and section 3 shall, in lieu of subsection (1), apply to such property. (3) Where it is shown to the satisfaction of the Commissioners that a discretionary trust exists on a valuation date for the exclusive benefit of— (a) one or both parties to a marriage, or (b) one or more named individuals, for the reason that such individual, or all such individuals, is or are, because of age, incapacity or improvidence, incapable of managing his or their affairs, or for any other analogous reason which, in the opinion of the Commissioners, is sufficient to justify the benefits conferred by this subsection, and that no other person benefited from that trust, the property comprised in the trust on that valuation date shall be deemed to be property to which the party or individual aforesaid is beneficially entitled in possession, or, if there is more than one, to which those parties or individuals are beneficially entitled in possession in equal shares and section 3 shall, in lieu of subsection (1), apply to such property. (4) In this section— “object”, in relation to a discretionary trust, means a person for whose benefit the income or capital, or any part of the income or capital, of the trust property is applied, or may, at any time, be applied; “principal objects”, in relation to a discretionary trust, means such objects of the trust as are living on the relevant valuation date and are related in the same degree of consanguinity to the settlor (being a degree of consanguinity to the settlor nearer than that of any other objects of the trust living on that date) and, if there are no objects of the trust on that date who are so related to the settlor, means all the objects of the trust living on that date, and— (a) where a body of persons is the object or among the objects of the trust, the members of such body of persons shall be deemed to be objects of the trust, and (b) for the purposes of this definition— (i) the spouse of the settlor shall be deemed to be of the same degree of consanguinity to the settlor as the children of the settlor and the spouse of a person shall be deemed to be of the same degree of consanguinity to the settlor as the person, (ii) “body of persons” means any body politic, corporate or collegiate and any company, partnership, fraternity, fellowship and society of persons, whether corporate or not corporate; “settlor”, in relation to a discretionary trust, includes a person by whom property comprised in the trust was provided and a person shall be deemed to have provided the property comprised in the trust if he has provided it directly or indirectly and in particular (but without prejudice to the generality of the foregoing) if he has provided or undertaken to provide property directly or indirectly for the purposes of the trust, or has made with any other person a reciprocal arrangement for that person to provide property for the purposes of the trust and, in any case where there is more than one settlor, each shall be deemed to be a settlor to the extent that he has so provided the property comprised in the trust and a trust shall be deemed to be established as and when and to the extent that property is so provided by a settlor. (5) For the purposes of this section, section 3 (3) and paragraphs (b) and (c) of section 3 (5) shall apply with any necessary modifications in relation to property comprised in a discretionary trust which includes an interest which is a limited interest as they apply in relation to property to which an individual is beneficially entitled in possession and which includes an interest which is a limited interest. Taxable wealth of private non-trading company. 6.—(1) (a) The taxable wealth of a private non-trading company on a valuation date shall include all the property situate in the State to which the company is beneficially entitled in possession on the valuation date. (b) The taxable wealth of a private non-trading company on a valuation date shall also include any property situate outside the State to which the company is beneficially entitled in possession on the valuation date in any case where— (i) the company is incorporated in the State, (ii) the effective centre of management of the company is in the State, or (iii) control of the company is in an individual domiciled and ordinarily resident in the State or in the trustee of a discretionary trust all the property of which, wheresoever situate, is chargeable to tax under section 5 or in a company which is incorporated in, or has its effective centre of management in, the State or is controlled as aforesaid. (2) For the purposes of this section, section 3 (3) and paragraphs (b) and (c) of section 3 (5) shall apply with any necessary modifications in relation to property to which a private non-trading company is beneficially entitled in possession and which includes an interest which is a limited interest as they apply in relation to property to which an individual is beneficially entitled in possession and which includes an interest which is a limited interest. (3) In this section— “company” means a body corporate (wherever incorporated)— (a) in which the number of shareholders (excluding employees who are not directors of the company and any shareholder who is such as nominee of a beneficial owner of shares) is not more than fifty, (b) which has not issued any of its shares as a result of a public invitation to subscribe for shares, and (c) which is under the control of not more than five persons, but does not include— (A) a body corporate (other than a company within the meaning of section 2 of the Companies Act, 1963 ) established by or under an Act of the Oireachtas, or (B) a company within the meaning of section 2 of the Companies Act, 1963 , which is under the control of a Minister of State, and for the purposes of this section— (i) a company shall be deemed to be under the control of not more than five persons if any five or fewer persons together exercise, or are able to exercise, or are entitled to acquire, control, whether direct or indirect, of the company; and for this purpose persons who are relatives of one another, persons who are nominees of any other person together with that other person, persons in partnership and persons interested in any shares or obligations of the company which are subject to any trust or are part of the estate of a deceased person shall respectively be treated as a single person, and (ii) a person shall be deemed to have control of a company at any time if— (I) he then had control of powers of voting on all questions, or on any particular question, affecting the company as a whole which, if exercised, would have yielded a majority of the votes capable of being exercised thereon, or could then have obtained such control by an exercise at that time of a power exercisable by him or at his direction or with his consent, (II) he then had the capacity, or could then by an exercise of a power exercisable by him or at his direction or with his consent obtain the capacity, to exercise or to control the exercise of any of the following powers, that is to say, the powers of a board of directors or of a governing director of the company, power to nominate a majority of the directors or a governing director thereof, power to veto the appointment of a director thereof, or powers of a like nature, (III) he then had a right to receive or the receipt of more than one half of the total amount of the dividends of the company, whether declared or not, and for the purposes of this subparagraph “dividend” shall be deemed to include interest on any debentures of the company, or (IV) he then had an interest in the shares in or the debentures of the company, or in both, of an aggregate nominal value representing one-half or more of the aggregate nominal value of the shares and debentures of the company; “private non-trading company” means a company whose income in the twelve months preceding the valuation date consisted wholly or mainly of investment income, that is to say, income, which, if the company were an individual, would not be earned income within the meaning of section 2 of the Income Tax Act, 1967 , and whose property on that date consisted wholly or mainly of property from which that investment income is derived, and, for the purposes of this definition, income from real property in the State shall, in the case of a company which is not a company to which subsection (1) (b) refers, be deemed to be investment income. (4) (a) In this section— “nominee” includes a person who may be required to exercise his voting power on the directions of, or holds shares directly or indirectly on behalf of, another person; “relative” means— (i) a husband or wife, or (ii) lineal ancestor, lineal descendant, uncle, aunt, brother, sister, descendant of a brother or sister, or the wife or husband of any of those persons; “share”, in relation to a company, includes any interest whatsoever in the company which is analogous to a share in the company. (b) For the purposes of this section a company which is controlled by any one or more of the individual and relatives of the individual shall be regarded as being itself a relative of the individual. (5) This section shall not apply to a private non-trading company of which a body corporate which is not a private non-trading company has control and, for the purposes of this subsection, where a body corporate (in this subsection referred to as the first body corporate) has control of a second body corporate and the second body corporate has control of a private non-trading company, the first body corporate shall be deemed to have control of the private non-trading company, and if a third body corporate has control of the first body corporate, the third body corporate shall be deemed to have control of the private non-trading company, and so on. Exemption of certain property. 7.—(1) Tax shall not be payable in respect of the following property and such property shall not be taxable wealth— (a) (i) a dwelling house, or part of a dwelling-house, to which, on the relevant valuation date, an individual is beneficially entitled in possession and which is occupied by him as his only or principal residence, and (ii) land which that individual has for his own occupation and enjoyment with that residence, as its garden or grounds, up to an area (exclusive of the site of the dwelling-house) of one acre: Provided that— (I) in the case of a dwelling-house, or part of a dwelling-house, part of which is used mainly for the purposes of a trade, business, profession or vocation or is let, this paragraph shall not apply to the part used for those purposes or which is so let, and (II) in a case where more than one dwelling-house falls to be included in the taxable wealth of an individual under section 4, this paragraph shall apply to one dwelling-house only; (b) furniture and household effects, being the normal contents of a dwelling-house, or part of a dwelling-house, to which paragraph (a) applies; (c) livestock to which a person who is a farmer within the meaning of section 10 is beneficially entitled in possession; (d) bloodstock; (e) the right to receive any benefit or any annuity or periodic payment— (i) under any scheme for the provision of superannuation benefits on retirement established by or under any enactment or instrument made under any enactment; (ii) under any sponsored superannuation scheme within the meaning of section 235 (9) of the Income Tax Act, 1967 , or under a trust scheme or part of a trust scheme approved by the Commissioners under section 235 or 235A of that Act; (iii) under the Social Welfare Acts, 1952 to 1974; (iv) under a contract approved by the Commissioners for the purposes of granting relief for the purposes of section 236 of the Income Tax Act , 1967, in respect of the premiums payable in respect thereof; (v) which is disregarded as income for the purposes of the Income Tax Acts under the provisions of section 19 of the Finance Act, 1973 ; (f) property of schemes referred to in subparagraphs (i) and (ii) of paragraph (e); (g) property that is comprised in a discretionary trust, or is in the beneficial ownership of a private non-trading company, being a trust or company that was established or incorporated exclusively for charitable purposes or for the purpose of holding property of a scheme referred to in subparagraph (i) or (ii) of paragraph (e) or property the subject of a trust created under a registered unit trust scheme within the meaning of the Unit Trusts Act, 1972 and is, on the relevant valuation date, carried on exclusively for those purposes or that purpose; (h) any security which falls to be included in the taxable wealth of an assessable person on the relevant valuation date in a case where any property whatsoever of the person situate outside the State would not be chargeable to tax on that date; in this paragraph “security” means any security, stock, debenture, debenture stock, certificate of charge or other form of security issued, whether before or after the passing of this Act, with a condition that it be exempt from taxation when in the beneficial ownership of persons neither domiciled nor ordinarily resident in the State and includes units of a unit trust scheme within the meaning of section 60 of the Finance Act, 1973 , and any stock or other form of security to which section 92 of that Act applies; (i) pictures, prints, books, manuscripts, works of art, jewellery, scientific collections or other things not held for the purposes of trading— (i) which, on a claim being made to the Commissioners, appear to them to be of national, scientific, historic or artistic interest, (ii) which are kept permanently in the State except for such temporary absences outside the State as are approved of by the Commissioners, and (iii) in respect of which reasonable facilities for viewing are allowed to members of the public or to recognised bodies or to associations of persons; (j) gardens situate in the State— (i) which, on a claim being made to the Commissioners, appear to them to be of national, scientific, historic or artistic interest, and (ii) in respect of which reasonable facilities for viewing are allowed to members of the public or to recognised bodies or to associations of persons; (k) trees or underwood growing on land in the State and in the same beneficial ownership as the land; (l) shares in a private non-trading company where, in accordance with section 6, all the property, wheresoever situate, to which the company is beneficially entitled in possession is included in the taxable wealth of that company on the relevant valuation date or would be so included but for the provisions of this section. (2) Notwithstanding anything contained in subsection (1), such particulars and information in relation to the property referred to in that subsection shall be furnished to the Commissioners as would be required if such property formed part of the taxable wealth of the assessable person. Market value of property. 8.—(1) In this Act, subject to the other provisions thereof, the market value of any property shall be estimated to be the price which, in the opinion of the Commissioners, such property would fetch if sold in the open market on the valuation date in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the property. (2) In estimating the market value of any property, the Commissioners shall fix the price of the property according to the market price on the relevant valuation date and shall not make any reduction in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time. (3) The market value of any property shall be ascertained by the Commissioners in such manner and by such means as they think fit and they may authorise a person to inspect any property and report to them the value thereof for the purposes of this Act and the person having the custody or possession of that property shall permit the person so authorised to inspect it at such reasonable times as the Commissioners consider necessary. (4) Where the Commissioners require a valuation to be made by a person named by them, the costs of such valuation shall be defrayed by the Commissioners. Market value of shares in private trading companies. 9.—(1) Where there are included in the taxable wealth of an assessable person on a valuation date shares in a private trading company which is a company controlled by that assessable person on that date, the market value of each such share shall be ascertained by the Commissioners for the purposes of tax as if it formed part of a group of shares sufficient in number to give the owner of the group control of the company. (2) (a) In this section a reference to a company controlled by an assessable person is a reference to a company that— (i) if the person is an individual, is under the control of any one or more of the following, that is to say, the individual, the relatives of the individual, nominees of the individual or nominees of relatives of the individual, (ii) if the person is a discretionary trust, is under the control of any one or more of the following, that is to say, the trustees of the trust, the principal objects of the trust within the meaning of section 5 (4), the relatives of those objects, the nominees of those objects or the nominees of relatives of those objects, (iii) if the person is a private non-trading company, is under the control of that private non-trading company or of persons having control of that private non-trading company. (b) For the purposes of this section a company which is controlled by any one or more of the individual and relatives of the individual shall be regarded as being itself a relative of the individual. (c) (i) In this section— “company”, “nominee” and “share” have the meanings respectively assigned to them by section 6; “control” means control for the purposes of section 6 and cognate words shall be construed accordingly; “private trading company” means a company within the meaning of section 6 which is not a private non-trading company. (ii) For the purposes of subparagraph (i) references in this section and in section 6 to a relative shall be construed as references to a person who is the spouse or a minor child of the person in relation to whom the expression is used. (3) For the purposes of this section a company shall be deemed to be a company controlled by an assessable person on a valuation date if it is a company controlled by that person on that date or if it was a company so controlled at any time in the period of twelve months prior to that date and, not being so controlled on that date, again becomes so controlled at any time in the period of twelve months subsequent to that date. Net market value of productive property. 10.—(1) (a) Subject to subsections (2) and (3), the net market value of property to which this subsection applies shall be ascertained— (i) by deducting from the market value of the property an amount equal to 50 per cent. of the market value of the property or a sum of £100,000 whichever is the lesser, and (ii) by deducting from the balance then remaining a proportion of any debts and incumbrances outstanding on the relevant valuation date which were incurred in connection with that property and the business carried on in connection therewith, or were incurred in the acquisition of that property, and which, in ascertaining the net market value of property under section 11 (1), are deductible from the market value of the property, being the proportion which the said balance bears to the market value of the property. (b) This subsection applies to— (i) agricultural property and farm machinery which are comprised in the taxable wealth of an individual who is a farmer, (ii) fishing boats which are comprised in the taxable wealth of an individual, or (iii) hotel premises which are comprised in the taxable wealth of an individual. (2) (a) Where, in the case of agricultural property to which subsection (1) applies and which is situated within one mile of an urban area, it is shown to the satisfaction of the Commissioners that the market value of that property is enhanced by its high potential for development, the market value thereof, for the purpose of that subsection, shall be ascertained by adding 25 per cent. to the agricultural value of that property on that date. (b) For the purposes of this subsection— (i) agricultural property shall be deemed to have a high potential for development if it is shown to the satisfaction of the Commissioners that it will probably be used for the purpose of providing sites for houses or factories within five years of the relevant valuation date; (ii) the agricultural value of any agricultural property shall be taken to be the market value which it would have if the property were subject to a perpetual covenant prohibiting its use otherwise than as agricultural property. (c) In this subsection “urban area” means an area which is either a county or other borough, an urban district, a town or a village. (3) The net market value of property in the State which is used directly in the provision of employment in the State (other than property to which subsection (1) applies) and of property consisting of stock or shares of a trading company comprised in the taxable wealth of an assessable person shall be ascertained— (a) by deducting from the market value of such property an amount equal to 20 per cent. of the market value of such property, and (b) by deducting from the balance then remaining an amount equal to 80 per cent. of the debts and incumbrances outstanding on the relevant valuation date which were incurred in connection with the property and the business, if any, carried on in connection therewith or incurred in the acquisition of such property and which, in ascertaining the net market value of property under section 11 (1), are deductible from the market value of the property: Provided that this subsection shall apply to property to which subsection (1) applies which is comprised in the taxable wealth of an individual in any case where the net market value thereof, if ascertained in accordance with this subsection, would be less than the net market value as ascertained in accordance with that subsection: Provided also that, in the case of property consisting of stock or shares in a trading company whose assets on the relevant valuation date consist wholly or mainly of premises registered in the register of hotels, kept by Bord Fáilte under section 24 of the Tourist Traffic Act, 1939 , and the assets of the business carried on therein, this subsection shall, in respect of the valuation date falling in the year 1975 and the two valuation dates next following that valuation date, have effect as if “30 per cent.” were substituted for “20 per cent.” in paragraph (a), and “70 per cent.” were substituted for “80 per cent.” in paragraph (b). (4) In this section— “agricultural property” means agricultural land, pasture and woodland situate in the State and also includes such farm buildings, farm houses and mansion houses (together with the lands occupied therewith) as are of a character appropriate to the property but does not include property in respect of which, by virtue of section 7 (1) (a), tax is not payable; “farmer” means an individual who is domiciled and ordinarily resident in the State and as respects whose taxable wealth not less than 75 per cent. of the market value of the property comprised therein at the valuation date consists of agricultural property, farm machinery, livestock and bloodstock thereon, and, for the purposes of this definition— (a) livestock and bloodstock shall be treated as taxable wealth notwithstanding section 7, and (b) no deduction shall be made from the market value of property for any debts or incumbrances; “fishing boat” means a vessel of whatever size and in whatever way propelled which is employed wholly in commercial sea fishing; “hotel premises” means so much of premises, registered in the register of hotels kept by Bord Fáilte under section 24 of the Tourist Traffic Act, 1939 , as consists of bedroom accommodation; “trading company” means a company which is incorporated under the laws of the State, or a company which maintains a register of members in the State, and which is not a private non-trading company. Net market value of other property. 11.—(1) The net market value of property (other than property to which section 10 applies) comprised in the taxable wealth of an assessable person shall be ascertained by deducting from the market value of the property any debts and incumbrances due by the assessable person and outstanding on the valuation date but no deduction shall be made for— (a) debts incurred by the person or incumbrances created by the person unless such debts or incumbrances were incurred or created by that person bona fide for full consideration in money or money's worth; (b) debts or incumbrances which were incurred or created by the person in the acquisition of property in respect of which, by virtue of section 7, tax is not payable; Provided that this paragraph shall not apply to debts or incumbrances incurred in the acquisition prior to the 5th day of April, 1975 of shares in private non-trading companies to which section 7 (1) (l) refers; (c) debts or incumbrances in respect of which the assessable person has a right of reimbursement from any other source unless such reimbursement cannot be obtained; (d) debts or incumbrances which are payable at some future date or in respect of which payment is contingent on the happening of some future event, unless such debts or incumbrances were incurred or created bona fide for full consideration in money or money's worth; (e) contingencies affecting the property and (f) debts or incumbrances payment of or discharge of which is not enforceable at law. (2) In the case of an assessable person in respect of whose property (if any) situate outside the State, tax is not payable, allowance shall not be made under this section for debts or incumbrances due by the assessable person to a person or persons resident outside the State (unless they are required, by contract, to be paid in the State or are charged on the taxable wealth of that assessable person situate in the State) except to the extent to which it is shown, to the satisfaction of the Commissioners, that all the property situate outside the State is insufficient for their payment. (3) Where the taxable wealth of an individual includes, by virtue of section 4, the property of the wife or minor child of that individual, allowance shall be made under this section only for such debts or incumbrances of the wife or minor child as would be allowable if the wife or minor child were an assessable person who is an individual. (4) A deduction shall not be made under this section for any debt or incumbrance a part of which has been deducted under section 10. Values agreed or determined. 12.—(1) Where an accountable person has furnished all the information necessary to enable the Commissioners to ascertain the market value of real property or of shares which are not dealt in on a stock exchange comprised in the taxable wealth of an assessable person on a valuation date and, pursuant to an application in writing to the Commissioners in that behalf, the market value of such property on that valuation date is agreed on between the person and the Commissioners, the value so agreed on shall be treated for the purposes of this Act as the market value of such property in the hands of that assessable person on that valuation date and on the two valuation dates next following that valuation date: Provided that the market value so agreed shall not be binding in any case where there is failure to disclose material facts in relation to any part of the taxable wealth of the assessable person or where at any time before the third of the valuation dates— (a) in the case of real property, there is any change in the tenure under which the property is held, or let, or any change whatever, whether affecting that or any other property, which would materially increase or decrease the market value over and above any increase or decrease which might normally be expected if such change had not occurred, or (b) in the case of such shares, there is any alteration in the capital or the ownership of the capital of the company concerned or of the rights of the shareholders inter se or there has been a material change in the assets of the company or in their market value over and above any such change which might normally be expected, and, in such cases, the market value of the real property or of such shares may be ascertained again by the Commissioners for each of the relevant valuation dates. (2) Where an accountable person has furnished all the information necessary to enable the Commissioners to ascertain the market value of any property on a valuation date and has paid the tax due on that date in respect of the property, that person may apply to the Commissioners not less than two years after the date of the assessment under this Act pursuant to which the said payment was made for a determination of the market value of such property or any part thereof on that valuation date and thereupon the Commissioners shall, as soon as may be, determine that value and the market value thus determined shall, for all the purposes of this Act, be the market value of the property concerned on that valuation date and shall, subject to the provisions of section 23 or 24, be final. (3) Any agreement or determination made under this section in respect of any property comprised in the taxable wealth of an assessable person shall be binding only on that person and on all persons who are accountable persons in relation to tax payable by that assessable person as such. Exclusions from net market value. 13.—For the purposes of the assessment of tax, there shall be excluded from the net market value of the property comprised in the taxable wealth of an individual on a valuation date— (a) in the case of an individual whose wife is living with him on that date, a sum of £100,000, (b) in the case of an individual who is a widower or widow on that date and whose spouse had been living with that individual immediately before the death of that spouse, a sum of £90,000, and (c) in the case of an individual other than— (i) an individual to whom paragraph (a) or (b) applies, (ii) a married woman living with her husband, or (iii) a minor child to whom the proviso to this section applies, a sum of £70,000: Provided that there shall also be so excluded a sum of £2,500 in respect of each minor child where the property, if any, of such minor child falls to be included in the taxable wealth of that individual under section 4. Accountable persons. 14.—(1) The following persons shall be primarily accountable for the payment of tax— (a) if the assessable person is an individual (other than a person to whom paragraph (b) applies), the individual or his personal representative, (b) if the assessable person is a minor child or is a person of unsound mind having a guardian or a committee, the guardian or committee, as the case may be, (c) if the assessable person is a discretionary trust, the trustee of that trust, (d) if the assessable person is a private non-trading company, the secretary of the company or the person who performs the duties of secretary. (2) The following persons shall also be accountable for the payment of any amount of tax for which the persons referred to in subsection (1) are made primarily accountable— (a) if the assessable person is an individual, every person whose property is included with that of the individual under section 4 and every trustee, guardian, committee, personal representative, agent or other person in whom any property comprised in the taxable wealth of the individual on the relevant valuation date stands vested or by whom the property is managed or the income of the property is collected on that date or within one year thereafter and every person in whom the property becomes vested by alienation or other derivative title after that valuation date, other than by a sale for full consideration in money or money's worth, (b) if the assessable person is a discretionary trust, any person who derived directly or indirectly capital or income out of the property comprised in the trust during the year preceding the relevant valuation date or at any time thereafter and every trustee, guardian, committee, agent or other person in whom any property comprised in the taxable wealth of that trust on that date stands vested or by whom the property is managed or the income of the property is collected on that date or within one year thereafter and every person in whom the property becomes vested by alienation after that valuation date other than by a sale for full consideration in money or money's worth, (c) if the assessable person is a private non-trading company, every director or shareholder and every trustee, guardian, committee, agent or other person in whom any property comprised in the taxable wealth of the company on the relevant valuation date stands vested or by whom the property is managed or the income of the property is collected on that date or within one year thereafter and every person in whom the property becomes vested by alienation after that valuation date other than by a sale for full consideration in money or money's worth: Provided that none of those persons shall be liable for tax to an amount in excess of the market value of the property, or in excess of the income, as the case may be, vested in, collected or received by him or to which he is beneficially entitled in possession. (3) Any accountable person referred to in subsection (2) who is authorised or required to pay tax in respect of any property comprised in the taxable wealth of an assessable person shall be entitled to reimbursement for any amount paid by him in respect of tax from the person primarily accountable for such amount and the person primarily accountable for the tax shall himself be entitled to reimbursement as follows— (a) if he is an individual and if his taxable wealth includes, by virtue of section 4 (1), property of another person, from the person for the proportion of the amount of tax referable to the person's taxable wealth ascertained in accordance with section 4 (2); (b) if he is the personal representative, guardian or committee of an individual, from the estate or assets of that individual; (c) if he is a trustee of a discretionary trust or a person who is, by virtue of subsection (2) or (3) of section 5, deemed to be beneficially entitled in possession to property, from the trust property; (d) if he is the secretary of a private non-trading company or the person who performs the duties of secretary, from the assets of the company. (4) Any accountable person who is authorised or required to pay tax in respect of an interest which is a limited interest shall be entitled to reimbursement from the property in which the limited interest subsists or on which it is charged or secured or on which it is entitled to be so charged or secured and he shall, for the purpose of paying the tax, or raising the amount of the tax when already paid, have power, whether the property is or is not vested in him, to raise the amount of such tax, and any interest and expenses properly paid or incurred by him in respect thereof, by the sale or mortgage of or a terminable charge on that property or any part thereof and any other accountable person who is entitled to reimbursement under subsection (3) shall have a similar power in relation to any property in respect of which he is authorised or required to pay tax. (5) The tax assessed or any part thereof shall be recoverable from any one or more of the persons accountable for the payment of the tax. (6) An accountable person in possession of information relevant to the taxable wealth of an assessable person shall disclose to the Commissioners or such officer as the Commissioners may appoint such information within his possession or power as they may require in writing for the ascertainment of liability to, or the collection of, tax and shall make such disclosure within such time, not being less than 30 days, as may be specified in the requirement and any such person shall at all reasonable times make available for inspection by the Commissioners all books, accounts, documents or records in his possession or power which contain information which they may require for the ascertainment of liability to, or the collection of, tax and the Commissioners may take copies of, or extracts from, any books, accounts, documents or records made available for inspection. Delivery of returns. 15.—(1) A person who is primarily accountable for the payment of tax by virtue of section 14 (1) shall, within three months after every valuation date, deliver to the Commissioners on a form provided by them a return of all the property comprised in the taxable wealth of the assessable person stating the market value thereof on that date and shall, if required in writing by the Commissioners, deliver to them within such time, not being less than 30 days, as may be specified in the requirement a statement verifying such particulars, together with such evidence, statements and documents, as they may require relating to that property or to any property which they have reason to believe to form part of the taxable wealth of such assessable person: Provided that, in any case where the assessable person is an individual, the person primarily accountable need not, unless he is required in writing by the Commissioners to do so, deliver a return as aforesaid where the net market value of the property comprised in his taxable wealth does not exceed 75 per cent. of the amount of the exclusion to which he is entitled under section 13: Provided also that the reference in this subsection to three months after every valuation date shall, in relation to the valuation date in the year 1975, be construed as a reference to the period ending on the 5th day of October, 1975. (2) A person who is accountable for the payment of tax by virtue of section 14 (2) shall, if he is required in writing by the Commissioners to do so, deliver to the Commissioners, within such time, not being less than 30 days, as may be specified in the requirement, on a form provided by them a return of all the property in respect of which he is accountable comprised in the taxable wealth of the assessable person concerned stating the market value thereof on that dateand shall, if he is so required by the Commissioners, so deliver to them a statement verifying such particulars, together with such evidence, statements and documents as they may require relating to that property. Assessment of tax. 16.—(1) The Commissioners may make an assessment of tax payable upon the net market value of the property comprised in the taxable wealth of an assessable person on the relevant valuation date on the basis of the return delivered pursuant to section 15. (2) An assessment of tax may be reviewed by the Commissioners at any time and, where any amendment of an assessment is necessary as a result of the review, whether in respect of the taxable wealth already assessed to tax or in respect of any additional taxable wealth, the Commissioners may— (a) to the best of their knowledge, information and belief, make an amended assessment of the tax due and payable upon the net market value of the taxable wealth of the assessable person concerned, or any part thereof, or (b) require any accountable person to deliver to them, within such time, not being less than 30 days, as may be specified in the requirement, an additional return on a form provided by the Commissioners of all the property (or any part thereof) comprised in the taxable wealth of the assessable person together with a statement verifying such particulars and also such evidence, statements and documents as they require relating to any property therein, or to any property which they have reason to believe to form part of the taxable wealth of the assessable person, and may make an amended assessment of the amount of tax due and payable on the basis of the additional return: Provided that, where any accountable person who has delivered a return or additional return is aware or becomes aware at any time that the return or additional return is defective in a material respect by reason of anything contained in or omitted from it, he shall, without application from the Commissioners and within three months of so becoming aware, deliver to them an additional return to enable an amended assessment to be made. (3) In any case in which— (a) a return is not delivered by an accountable person to the Commissioners within three months after the relevant valuation date, (b) an additional return required by or under subsection (2) (b) to be delivered is not delivered within the appropriate time specified in the said subsection (2) (b), or (c) a return or an additional return is unsatisfactory to them, it shall be lawful for the Commissioners to make an assessment of tax payable upon the net market value of the property comprised in the taxable wealth or …