“unit trust scheme” means a unit trust scheme registered in the register established by the Unit Trusts Act, 1972 , whose deed expressing the trusts of the scheme restricts the property subject to those trusts to securities.
\n
(2)Any security, or units (within the meaning of the Unit Trusts Act, 1972 ) of a unit trust scheme, comprised in a gift or an inheritance shall be exempt from tax (and shall not be taken into account in computing tax on any gift or inheritance taken by the donee or successor from the same disponer) if and only if— (a) the security or units was or were comprised in the gift or inheritance— (i) at the date of the gift or at the date of the inheritance; and (ii) at the valuation date; and (b) the donee or successor is at the date of the gift or at the date of the inheritance neither domiciled nor ordinarily resident in the State and the provisions of section 19 (6) shall apply, for the purposes of this subsection, as they apply in relation to agricultural property:
\n
Provided that if a security or units or any part thereof comprised— (a) in a gift; or (b) in a gift which becomes an inheritance by reason that it was taken under a disposition where the date of the disposition was within two years prior to the death of the disponer, is within one year after the valuation date sold or exchanged, or is converted (otherwise than into another security or other units respectively, which, during that period of one year, are not sold or exchanged), the donee or successor shall be deemed to have taken from the disponer a gift or an inheritance, as the case may be, consisting of a sum equal to the market value at the valuation date of the security or units or of the part thereof that has been sold, exchanged or converted.
\n
(3)For the purposes of sections 6 (1) (c) and 12 (1) (b), the sum referred to in the proviso to subsection (2) shall be deemed to be situate in the State at the date of the gift or at the date of the inheritance, as the case may be, if the security or units (or the part thereof) so sold, exchanged or converted had at that date been situate in the State and not otherwise.
\n
Exemption of certain receipts.
\n
58.—(1) The following shall not be gifts or inheritances— (a) the receipt by a person of any sum bona fide by way of compensation or damages for any wrong or injury suffered by him in his person, property, reputation or means of livelihood; (b) the receipt by a person of any sum bona fide by way of compensation or damages for any wrong or injury resulting in the death of any other person; (c) the receipt by a person of any sum bona fide by way of winnings from betting (including pool betting) or from any lottery, sweepstake or game with prizes; (d) any benefit arising out of— (i) the payment to the Official Assignee in Bankruptcy of money which has been provided by, or which represents property provided by, friends of a bankrupt; or (ii) a remission or abatement of debts by the creditors of a bankrupt, to enable the bankrupt to fulfil an offer of composition after bankruptcy in accordance with the provisions of section 149 of the Irish Bankrupt and Insolvent Act, 1857; and (e) any benefit arising out of— (i) the payment to the Official Assignee in Bankruptcy of money which has been provided by, or which represents property provided by, friends of an arranging debtor; or (ii) a remission or abatement of debts by the creditors of an arranging debtor, to enable the debtor to carry out the terms of a proposal made by him under section 345 of the Irish Bankrupt and Insolvent Act, 1857, which has been accepted by his creditors and approved and confirmed by the High Court.
\n
(2)Notwithstanding anything contained in this Act, the receipt in the lifetime of the disponer of money or money's worth— (a) by— (i) the spouse or child of the disponer; or (ii) a person in relation to whom the disponer stands in loco parentis, for support, maintenance or education; or (b) by a person who is in relation to the disponer a dependent relative under section 142 of the Income Tax Act, 1967 , for support or maintenance, shall not be a gift or an inheritance, where the provision of such support, maintenance or education, or such support or maintenance— (i) is such as would be part of the normal expenditure of a person in the circumstances of the disponer, and (ii) is reasonable having regard to the financial circumstances of the disponer.
\n
Exemption where disposition was made by the donee or successor.
\n
59.—(1) Tax shall not be chargeable upon a gift or an inheritance taken by the donee or successor under a disposition made by himself.
\n
(2)Where, at the date of the gift, two companies are associated in the manner described in subsection (3), a gift taken by one of them under a disposition made by the other shall be deemed to be a gift to which subsection (1) applies.
\n
(3)For the purposes of subsection (2), two companies shall be regarded as associated if— (a) one company would be beneficially entitled to not less than 90 per cent. of any assets of the other company available for distribution to the owners of its shares and entitlements of the kind referred to in section 34 (1) on a winding up; or (b) a third company would be beneficially entitled to not less than 90 per cent. of any assets of each of them available as in paragraph (a).
\n
(4)In this section, “company” means a body corporate (wherever incorporated), other than a private company within the meaning of section 16 (2).
\n
PART X
\n
Miscellaneous Certificates for probate.
\n
60.—(1) Where an Inland Revenue affidavit has been delivered to the Commissioners and they are satisfied— (a) that an adequate payment on account of inheritance tax in respect of the property passing under the deceased person's will or intestacy or
\n
Part IX
\n
or section 56 of the Succession Act, 1965 , has been made; or (b) that the payment of inheritance tax in respect of such property may be deferred for the time being, they shall certify in writing— (i) that the Inland Revenue affidavit was delivered to them; and (ii) (I) that a payment referred to in paragraph (a) has been made; or (II) that the payment referred to in paragraph (b) has been deferred for the time being, as the case may be.
\n
(2)In this section “Inland Revenue affidavit” has the meaning referred to in section 38 (1).
\n
(3)If, in the opinion of the Commissioners, the payment of inheritance tax in respect of the property passing under the deceased person's will or intestacy or
\n
Part IX
\n
or section 56 of the Succession Act, 1965 , cannot be deferred for the time being without serious risk of such tax not being recovered, they may refuse to issue the certificate referred to in subsection (1) until the tax has been paid, or until such payment as is referred to in paragraph (a) of that subsection has been made.
\n
(4)The certificate required by section 30 of the Customs and Inland Revenue Act, 1881 , to be made by the proper officer of the court, shall not be made until a certificate of the Commissioners issued under subsection (1) has been produced to such officer and shall (instead of showing that the affidavit, if liable to stamp duty, has been duly stamped) show that the Commissioners have issued a certificate under subsection (1) and shall state the substance of the certificate so issued by the Commissioners.
\n
(5)The form of certificate required to be given by the proper officer of the court under section 30 of the Customs and Inland Revenue Act, 1881 , may be prescribed by rule of court in such manner as may be necessary for giving effect to this Act.
\n
(6)This section shall apply only where the deceased person dies on or after the 1st day of April, 1975.
\n
Payment of money standing in names of two or more persons.
\n
61.—(1) Where, either before or after the passing of this Act, a sum of money exceeding £5,000 is lodged or deposited (otherwise than on a current account) in the State with a banker, in the joint names of two or more persons, and one of such persons (in this section referred to as the deceased) dies on or after the 1st day of April, 1975, the banker shall not pay such money or any part thereof to the survivor or all or any of the survivors of such persons, or to any other person, unless or until there is furnished to such banker a certificate by the Commissioners certifying that there is no outstanding claim for inheritance tax in connection with the death of the deceased in respect of such money or any part thereof or a consent in writing by the Commissioners to such payment pending the ascertainment and payment of such tax.
\n
(2)Notwithstanding anything contained in this Act, tax chargeable on the death of the deceased shall be deemed for the purposes of this section to become due on the day of the death of the deceased.
\n
(3)A banker who, after the passing of this Act, pays money in contravention of this section shall be liable to a penalty of £1,000.
\n
(4)Where a penalty is demanded of a banker under this section, the onus of proving that such certificate or such consent as is mentioned in this section was furnished to such banker before he paid such money shall lie on such banker.
\n
(5)Where a penalty is demanded of a banker under this section, it shall be a good defence to prove that, at the time when such banker paid such money, he had reasonable ground for believing that none of the persons in whose joint names such money was lodged or deposited with him was dead.
\n
(6)
\n
Section 33
\n
of the Finance Act, 1935 , shall not have effect in any case where the death of a person, referred to in that section as the deceased, occurs on or after the 1st day of April, 1975.
\n
(7)In this section— “banker” means a person who carries on banking business in the State and includes a friendly society, an industrial and provident society, a building society, the Post Office Savings Bank, a trustee savings bank, the Industrial Credit Company Limited, the Agricultural Credit Corporation Limited and any person with whom money is lodged or deposited; “pay” includes transfer in the books of a banker and any dealings whatsoever with any moneys which were lodged or deposited in the name of a person who died after the time of the lodgment or deposit and any other person or persons; “current account” means an account which is customarily operated upon by means of a cheque or banker's order; “banking business” has the meaning assigned to it by section 2 of the Central Bank Act, 1971 ; references to moneys lodged or deposited include references to shares of a building society, friendly society or industrial and provident society.
\n
Court to provide for payment of tax.
\n
62.—Where any suit is pending in any court for the administration of any property chargeable with tax under this Act, such court shall provide, out of any such property which may be in the possession or control of the court, for the payment to the Commissioners of any of the tax or the interest thereon which remains unpaid.
\n
Penalties.
\n
63.—(1) (a) Any person who contravenes or fails to comply with— (i) any requirement under section 36 (6), (7) or (8); or (ii) the provisions of section 36 (2) or (9) shall be liable to a penalty of £500. (b) Where the contravention or failure referred to in paragraph (a) continues after judgment has been given by the court before which proceedings for the penalty have been commenced, the person concerned shall be liable to a further penalty of £25 for each day on which the contravention or failure so continues.
\n
(2)Where, under, or for the purposes of, any of the provisions of this Act, a person is authorised to inspect any property for the purpose of reporting to the Commissioners the market value thereof and the person having custody or possession of that property prevents such inspection or obstructs the person so authorised in the performance of his functions in relation to the inspection, the person so having custody or possession shall be liable to a penalty of £500.
\n
(3)Where an accountable person fraudulently or negligently— (a) delivers any incorrect return or additional return; (b) makes or furnishes any incorrect statement, declaration, evidence or valuation in connection with any property comprised in any disposition; (c) makes or furnishes any incorrect statement, declaration, evidence or valuation in connection with any claim for any allowance, deduction, exemption or relief; or (d) makes or furnishes any incorrect statement, declaration, evidence or valuation in connection with any other matter, on the basis of which the amount of tax assessable in respect of a taxable gift or taxable inheritance would be less than it would have been if the correct return, additional return, statement, declaration, evidence or valuation had been delivered, made or furnished, he shall be liable to a penalty of— (i) £1,000; and (ii) the amount, or in the case of fraud, twice the amount, of the difference specified in subsection (5).
\n
(4)Where any such return, additional return, statement, declaration, evidence or valuation as is mentioned in subsection (3) was delivered, made or furnished neither fraudulently nor negligently by a person and it comes to his notice that it was incorrect, then, unless the error is remedied without unreasonable delay, such matter shall be treated, for the purposes of this section, as having been negligently done by him.
\n
(5)The difference referred to in subsection (3) is the difference between— (a) the amount of tax payable in respect of the taxable gift or taxable inheritance to which the return, additional return, statement, declaration, evidence or valuation relates; and (b) the amount which would have been the amount so payable if the return, additional return, statement, declaration, evidence or valuation as made or submitted had been correct.
\n
(6)For the purpose of subsection (3), where anything referred to in that subsection is delivered, made or furnished on behalf of a person, it shall be deemed to have been delivered, made or furnished by that person unless he proves that it was done without his knowledge or consent.
\n
(7)Any person who assists in or induces the delivery, making or furnishing for any purposes of the tax of any return, additional return, statement, declaration, evidence or valuation which he knows to be incorrect shall be liable to a penalty of £250.
\n
(8)The provisions of this section shall not affect any criminal proceedings.
\n
(9)Subject to the provisions of this section, sections 128
\n
(4), 507 , 508 , 510 , 511 , 512 , 517 and 518 of the Income Tax Act, 1967 , shall, with any necessary modifications, apply to a penalty under this Act as if the penalty were a penalty under the Income Tax Acts.
\n
Liability to tax in respect of certain sales and mortgages.
\n
64.—(1) In this section— “death duties” has the meaning assigned to it by section 30 of the Finance Act, 1971 ; and “purchaser or mortgagee” includes a person deriving title from or under a purchaser or mortgagee in the case of such a sale or mortgage as is referred to in this section.
\n
(2)Where an interest in expectancy has, prior to the 1st day of April, 1975, been bona fide sold or mortgaged for full consideration in money or money's worth, and that interest comes into possession on a death occurring on or after that date, the following provisions shall have effect, that is to say— (a) the purchaser or mortgagee shall not be liable in respect of inheritance tax on the inheritance referred to in paragraph (b) for an amount greater than that referred to in paragraph (c); (b) the inheritance referred to in paragraph (a) is the inheritance of property in which the interest so sold or mortgaged subsists and which arises in respect of the interest of the remainderman referred to in section 23 so coming into possession; (c) the amount referred to in paragraph (a) shall be the amount that would then have been payable by the purchaser or mortgagee in respect of death duties on the property in which the interest subsists as property passing under the same disposition as that under which the said inheritance is taken, if the property, on so coming into possession, had been chargeable to death duties— (i) under the law in force; and (ii) at the rate or rates having effect, at the date of the sale or mortgage; (d) where such an interest is so mortgaged, any amount of inheritance tax payable in respect of the inheritance referred to in paragraph (b), and from the payment of which the mortgagee is relieved under this section, shall, notwithstanding the priority referred to in section 47 (1), rank, in relation to property charged with such tax under that section, as a charge subsequent to the mortgage; (e) any person, other than the purchaser or mortgagee, who is accountable for the payment of so much of the inheritance tax as is not the liability of the purchaser or mortgagee by virtue of the relief given by this section, shall not be liable for the payment of any amount in respect thereof in excess of the amount which is available to him for such payment by reason of there being, at the time when the interest comes into possession, other property, or an equity of redemption, or both, subject to the same trusts, under the disposition referred to in paragraph (c), as the property in which the interest in expectancy subsists; and (f) nothing in section 35 (7) or (8) or section 47 (1) shall be construed as derogating from the relief given by this section to a purchaser or mortgagee.
\n
References in deeds and wills, etc. to death duties.
\n
65.—In so far as a provision in a document refers (in whatever terms) to any death duty to arise on any death occurring on or after the 1st day of April, 1975, it shall have effect, as far as may be, as if the reference included a reference to inheritance tax— (a) if that document was executed prior to the passing of this Act, and the reference is to legacy duty and succession duty or either of them; (b) if that document was so executed, and the reference is to estate duty, and it may reasonably be inferred from all the circumstances (including any similarity of the incidence of inheritance tax to that of estate duty) that the inclusion of the reference to inheritance tax would be just; and (c) whether the document was executed prior to or after the passing of this Act, if the reference is to death duties, without referring to any particular death duty.
\n
Arrangements for relief from double taxation.
\n
66.—(1) If the Government by order declare that arrangements specified in the order have been made with the government of any territory outside the State in relation to affording relief from double taxation in respect of gift tax or inheritance tax payable under the laws of the State and any tax imposed under the laws of that territory which is of a similar character or is chargeable by reference to death or to gifts inter vivos and that it is expedient that those arrangements should have the force of law, the arrangements shall, notwithstanding anything in any enactment, have the force of law.
\n
(2)Any arrangements to which the force of law is given under this section may include provision for relief from tax charged before the making of the arrangements and provisions as to property which is not itself subject to double tax, and the provisions of this section shall have effect accordingly.
\n
(3)For the purposes of subsection (1), arrangements made with the head of a foreign state shall be regarded as made with the government thereof.
\n
(4)Where any arrangements have the force of law by virtue of this section, the obligation as to secrecy imposed by any enactment shall not prevent the Commissioners from disclosing to any authorised officer of the government with which the arrangements are made such information as is required to be disclosed under the arrangements.
\n
(5)(a) Any order made under this section may be revoked by a subsequent order and any such revoking order may contain such transitional provisions as appear to the Government to be necessary or expedient. (b) Where an order is proposed to be made under this section, a draft thereof shall be laid before Dáil Éireann and the order shall not be made until a resolution approving of the draft has been passed by Dáil Éireann.
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Other relief from double taxation.
\n
67.—(1) (a) In this section— “foreign tax” means any tax which is chargeable under the laws of any territory outside the State and is of a character similar to estate duty, gift tax or inheritance tax; “event” means— (i) a death; or (ii) any other event, by reference to which the date of the gift or the date of the inheritance is determined. (b) For the purposes of this section, a reference to property situate in a territory outside the State is a reference to property situate in that territory at the date of the gift or the date of the inheritance, as the case may be, or to property representing such property.
\n
(2)Where the Commissioners are satisfied that a taxable gift or taxable inheritance, taken under a disposition by a donee or successor on the happening of any event, is reduced by the payment of foreign tax which is chargeable in connection with the same event under the same disposition in respect of property which is situate in the territory outside the State in which that foreign tax is chargeable, they shall allow a credit in respect of that foreign tax against the gift tax or inheritance tax payable by that donee or successor on that taxable gift or taxable inheritance; but such credit shall not exceed— (a) the amount of the gift tax or inheritance tax payable in respect of the same property by reason of such property being comprised in any taxable gift or taxable inheritance taken under that disposition on the happening of that event; or (b) the amount of that foreign tax, whichever is the lesser.
\n
(3)The provisions of this section shall be subject to any arrangement to which the force of law is given under section 66, and, if any such arrangement provides for the allowance of the amount of a tax payable in a territory outside the State as a credit against gift tax or inheritance tax, the provisions of the arrangement shall apply in relation to the tax payable in that territory in lieu of the provisions of subsection (2).
\n
(4)If the amount of tax payable in respect of a taxable gift or taxable inheritance would be less by making a deduction (in ascertaining the taxable value of the taxable gift or taxable inheritance) of the amount of the foreign tax to which the taxable gift or taxable inheritance is subject than by making the allowance of a credit— (a) under subsection (2); or (b) under any arrangement to which the force of law is given under section 66, such deduction shall be made notwithstanding the provisions of section 18 (5) (b), and no such credit shall be allowed.
\n
(5)Where the foreign tax in respect of property comprised in a taxable gift or a taxable inheritance taken under a disposition on the happening of an event is, under the terms of the disposition, directed to be paid out of a taxable gift or a taxable inheritance (taken under that disposition on the happening of the same event) other than the taxable gift or taxable inheritance out of which it would be payable in the absence of such a direction, then, for the purposes of subsection (2), the taxable gift or taxable inheritance out of which the foreign tax would be payable in the absence of such a direction, and no other taxable gift or taxable inheritance, shall be treated as reduced by the payment of the foreign tax.
\n
Tax, in relation to certain legislation.
\n
68.—(1) Inheritance tax shall not be a duty or a death duty for the purposes of section 9 of the Succession Act, 1965 , but it shall be a death duty for the purposes of— (a) section 34 (3) of that Act; (b) the definition of pecuniary legacy in section 3 (1) of that Act; and (c) paragraph 8 of Part II of the First Schedule to that Act.
\n
(2)
\n
Section 72
\n
of the Registration of Title Act, 1964 , shall apply as if gift tax and inheritance tax were therein mentioned as well as estate duty and succession duty.
\n
Extension of certain Acts.
\n
69.—(1)
\n
Section 1
\n
of the Provisional Collection of Taxes Act, 1927 , is hereby amended by the insertion of “and gift tax and inheritance tax” before “but no other tax or duty”.
\n
(2)
\n
Section 39
\n
of the Inland Revenue Regulation Act, 1890 , is hereby amended by the insertion of “gift tax and inheritance tax,” before “stamp duties”.
\n
Delivery, service and evidence of notices and forms, etc.
\n
70.—(1) Any notice which under this Act is authorised or required to be given by the Commissioners may be served by post.
\n
(2)A notice or form which is to be served on a person may be either delivered to him or left at his usual or last known place of abode.
\n
(3)Prima facie evidence of any notice given under this Act by the Commissioners or any officer of the Commissioners may be given in any proceedings by production of a document purporting to be a copy of the notice, and it shall not be necessary to prove the official position of the person by whom the notice purports to be given or, if it is signed, the signature, or that the person signing and giving it was authorised so to do.
\n
(4)In any case where a time limit is specified by or under this Act, other than Part VIII hereof, for the doing of any act required by or under this Act, other than Part VIII hereof, to be done by any person other than the Commissioners, the Commissioners may, in their discretion, extend such time limit.
\n
Regulations.
\n
71.—(1) The Commissioners shall make such regulations as seem to them to be necessary for the purpose of giving effect to this Act and of enabling them to discharge their functions thereunder.
\n
(2)Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next twenty-one days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
\n
Care and management.
\n
72.—(1) Tax is hereby placed under the care and management of the Commissioners.
\n
(2)Subject to the direction and control of the Commissioners, any power, function or duty conferred or imposed on the Commissioners by this Act may be exercised or performed on their behalf by an officer of the Commissioners.
\n
FIRST SCHEDULE Valuation of Limited Interests Sections 18 , Sections 26 and Sections 41 .
\n
PART I
\n
Rules relating to the valuation of limited interests utilising Tables A and B in Parts II and III of this Schedule 1. The value of an interest for a single life in a capital sum shall be that sum multiplied by the factor, contained in column 3 or 4 respectively of Table A, which is appropriate to the age and sex of the person in respect of the duration of whose life the interest is to be valued.
\n
2.The value of an interest in a capital sum for the joint continuance of two lives shall be the value of an interest in that sum for the older life, ascertained in accordance with rule 1, multiplied by the joint factor in column 2 of Table A which is appropriate to the younger life.
\n
3.The value of an interest in a capital sum for the joint continuance of three or more lives shall be the value of an interest in that sum for the joint continuance of the two oldest of those lives, ascertained in accordance with rule 2, multiplied by the joint factor of the youngest of those lives.
\n
4.The value of an interest in a capital sum for the longer of two lives shall be ascertained by deducting from the total of the values of an interest in that sum for each of those lives, ascertained in accordance with rule 1, the value of an interest in the capital sum for the joint continuance of the same two lives, ascertained in accordance with rule 2.
\n
5.Where an interest is given for the longest of more than two lives, it shall be valued, in accordance with rule 4, as if it were for the longer of the two youngest of those lives.
\n
6.The value of an interest in a capital sum for a period certain shall be the aggregate of— (a) the value of the capital sum, multiplied by the factor in Table B which is appropriate to the number of whole years in that period (or zero if that period is less than a whole year); and (b) where the period is not an integral number of years, a fraction (of which the numerator is the number of days in excess of the number of whole years, if any, in that period and the denominator is 365) of the difference between— (i) the value of an interest in the capital sum for one year longer than the number of whole years, if any, in the period; and (ii) the value ascertained under the provisions of paragraph (a) (or zero, where so provided in the said paragraph).
\n
7.In the case of a limited interest where the interest is for a life or lives, but is guaranteed for a period certain, the value shall be the higher of— (a) the value of an interest for such life or lives, ascertained in accordance with the appropriate rule in this part of this Schedule; and (b) the value of an interest for the period certain, ascertained in accordance with rule 6.
\n
8.The value of a limited interest for which the other rules in this Part of this Schedule provide no method of valuing shall be ascertained as if the interest taken were a series of absolute interests in the property applied in satisfaction of the interest from time to time, taken as separate gifts or inheritances, as the case may be.
\n
PART II
\n
TABLE A 1 2 3 4 Years of age Joint Factor Value of an interest in a capital of £1 for a male life aged as in column 1 Value of an interest in a capital of £1 for a female life aged as in column 1 0 ·99 ·9519 ·9624 1 ·99 ·9767 ·9817 2 ·99 ·9767 ·9819 3 ·99 ·9762 ·9817 4 ·99 ·9753 ·9811 5 ·99 ·9742 ·9805 6 ·99 ·9730 ·9797 7 ·99 ·9717 ·9787 8 ·99 ·9703 ·9777 9 ·99 ·9688 ·9765 10 ·99 ·9671 ·9753 11 ·98 ·9653 ·9740 12 ·98 ·9634 ·9726 13 ·98 ·9614 ·9710 14 ·98 ·9592 ·9693 15 ·98 ·9569 ·9676 16 ·98 ·9546 ·9657 17 ·98 ·9522 ·9638 18 ·98 ·9497 ·9617 19 ·98 ·9471 ·9596 20 ·97 ·9444 ·9572 21 ·97 ·9416 ·9547 22 ·97 ·9387 ·9521 23 ·97 ·9356 ·9493 24 ·97 ·9323 ·9464 25 ·97 ·9288 ·9432 26 ·97 ·9250 ·9399 27 ·97 ·9209 ·9364 28 ·97 ·9165 ·9328 29 ·97 ·9119 ·9289 30 ·96 ·9068 ·9248 31 ·96 ·9015 ·9205 32 ·96 ·8958 ·9159 33 ·96 ·8899 ·9111 34 ·96 ·8836 ·9059 35 ·96 ·8770 ·9005 36 ·96 ·8699 ·8947 37 ·96 ·8626 ·8886 38 ·95 ·8549 ·8821 39 ·95 ·8469 ·8753 40 ·95 ·8384 ·8683 41 ·95 ·8296 ·8610 42 ·95 ·8204 ·8534 43 ·95 ·8107 ·8454 44 ·94 ·8005 ·8370 45 ·94 ·7897 ·8283 46 ·94 ·7783 ·8192 47 ·94 ·7663 ·8096 48 ·93 ·7541 ·7997 49 ·93 ·7415 ·7896 50 ·92 ·7287 ·7791 51 ·91 ·7156 ·7683 52 ·90 ·7024 ·7572 53 ·89 ·6887 ·7456 54 ·89 ·6745 ·7335 55 ·88 ·6598 ·7206 56 ·88 ·6445 ·7069 57 ·88 ·6288 ·6926 58 ·87 ·6129 ·6778 59 ·86 ·5969 ·6628 60 ·86 ·5809 ·6475 61 ·86 ·5650 ·6320 62 ·86 ·5492 ·6162 63 ·85 ·5332 ·6000 64 ·85 ·5171 ·5830 65 ·85 ·5007 ·5650 66 ·85 ·4841 ·5462 67 ·84 ·4673 ·5266 68 ·84 ·4506 ·5070 69 ·84 ·4339 ·4873 70 ·83 ·4173 ·4679 71 ·83 ·4009 ·4488 72 ·82 ·3846 ·4301 73 ·82 ·3683 ·4114 74 ·81 ·3519 ·3928 75 ·80 ·3352 ·3743 76 ·79 ·3181 ·3559 77 ·78 ·3009 ·3377 78 ·76 ·2838 ·3198 79 ·74 ·2671 ·3023 80 ·72 ·2509 ·2855 81 ·71 ·2353 ·2693 82 ·70 ·2203 ·2538 83 ·69 ·2057 ·2387 84 ·68 ·1916 ·2242 85 ·67 ·1783 ·2104 86 ·66 ·1657 ·1973 87 ·65 ·1537 ·1849 88 ·64 ·1423 ·1730 89 ·62 ·1315 ·1616 90 ·60 ·1212 ·1509 91 ·58 ·1116 ·1407 92 ·56 ·1025 ·1310 93 ·54 ·0939 ·1218 94 ·52 ·0858 ·1132 95 ·50 ·0781 ·1050 96 ·49 ·0710 ·0972 97 ·48 ·0642 ·0898 98 ·47 ·0578 ·0828 99 ·45 ·0517 ·0762 100 or over ·43 ·0458 ·0698
\n
PART III
\n
TABLE B (Column 2 shows the value of an interest in a capital of £1 for the number of years shown in column 1).
\n
1 2 1 2 Number of years Value Number of years Value 1 ·0654 26 ·8263 2 ·1265 27 ·8375 3 ·1836 28 ·8480 4 ·2370 29 ·8578 5 ·2869 30 ·8669 6 ·3335 31 ·8754 7 ·3770 32 ·8834 8 ·4177 33 ·8908 9 ·4557 34 ·8978 10 ·4913 35 ·9043 11 ·5245 36 ·9100 12 ·5555 37 ·9165 13 ·5845 38 ·9230 14 ·6116 39 ·9295 15 ·6369 40 ·9360 16 ·6605 41 ·9425 17 ·6826 42 ·9490 18 ·7032 43 ·9555 19 ·7225 44 ·9620 20 ·7405 45 ·9685 21 ·7574 46 ·9750 22 ·7731 47 ·9815 23 ·7878 48 ·9880 24 ·8015 49 ·9945 25 ·8144 50 and over 1·0000 SECOND SCHEDULE Computation of Tax Sections 9, 36, 40, 53 and 54.
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PART I
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Preliminary 1. In this Schedule— “aggregable gift” means a gift taken by a donee on or after the 28th day of February, 1969, and before the 28th day of February, 1974, which, so far as it is a taxable gift, is by virtue of section 9 to be aggregated with any later taxable gift or taxable inheritance for the purpose mentioned in that section; “aggregable value” means the taxable value of an aggregable gift; “appropriate Table”, in relation to a donee or successor who, at the date of the gift or at the date of the inheritance, in respect of which gift or inheritance the tax is being computed, is— (a) the spouse, child, or minor child of a deceased child, of the disponer, means Table I; (b) a lineal ancestor or a lineal descendant (other than a child, or a minor child of a deceased child) of the disponer, means Table II; (c) a brother or sister, or a child of a brother or of a sister, of the disponer, means Table III; (d) a donee or successor who does not stand to the disponer in a relationship referred to in subparagraph (a), (b) or (c), means Table IV; contained in Part II of this Schedule.
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2.In each Table contained in Part II of this Schedule, “value” means— (a) in the case referred to in paragraph 3, the taxable value referred to in that paragraph; (b) in the case referred to in paragraph 4, the aggregate referred to in that paragraph.
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3.Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has taken no other taxable gift or taxable inheritance or aggregable gift from the same disponer, shall be computed at the rate or rates of tax applicable to that taxable value under the appropriate Table.
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4.Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has previously taken one or more taxable gifts on or after the 28th day of February, 1974, or taxable inheritances on or after the 1st day of April, 1975, or aggregable gifts, from the same disponer, shall be computed at the rate or rates of tax applicable under the appropriate Table to such part of the aggregate of— (a) that taxable value; (b) the taxable values of all such previous taxable gifts and taxable inheritances (if any); and (c) the aggregable values of all such aggregable gifts (if any), as is the highest part of that aggregate and is equal to that taxable value.
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5.In each Table contained in Part II of this Schedule, any rate of tax shown in the third column is that applicable to such portion of the value (within the meaning of paragraph 2) as exceeds the lower limit shown in the first column but does not exceed the upper limit (if any) shown in the second column.
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6.The tax chargeable on the taxable value of a taxable gift shall be 75 per cent. of the amount of tax computed in accordance with this Schedule.
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7.For the purposes of this Schedule, all gifts and inheritances taken by a donee or successor from one disponer on the same day shall count as one, and to ascertain the amount of tax payable on one gift or inheritance of several taken on the same day, the amount of tax computed under this Schedule as being payable on the gifts or inheritances taken on that day shall be apportioned rateably, according to the taxable values of the several taxable gifts and taxable inheritances taken on the one day.
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8.Where any donee or successor is, at the date of the gift or at the date of the inheritance, the surviving spouse of a deceased person who, at the time of his death, was of nearer relationship than such donee or successor to the disponer, then such donee or successor shall, in the computation of the tax payable on such taxable gift or taxable inheritance, be deemed to bear to the disponer the relationship of that deceased person.
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9.In any case where— (a) the donee or successor is a nephew or niece of the disponer who has worked substantially on a full-time basis for the period of 5 years ending on the date of the gift or the date of the inheritance in carrying on, or assisting in the carrying on of, the trade, business or profession or the work of or connected with the office or employment of the disponer; and (b) the gift or inheritance consists of property which was used in connection with such trade, business, profession, office or employment or of shares in a company owning such property, then, for the purpose of computing the tax payable on the gift or inheritance, the donee or successor shall be deemed to bear to the disponer the relationship of a child.
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PART II
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TABLE I Applicable where the donee or successor is the spouse, child, or minor child of a deceased child, of the disponer.
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Portion of Value Rate of tax Lower Limit Upper Limit Per cent. £ £ 0 150,000 Nil 150,000 200,000 25 200,000 250,000 30 250,000 300,000 35 300,000 350,000 40 350,000 400,000 45 400,000 — 50 TABLE II Applicable where the donee or successor is a lineal ancestor or a lineal descendant (other than a child, or a minor child of a deceased child) of the disponer.
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Portion of Value Rate of tax Lower Limit Upper Limit Per cent. £ £ 0 15,000 Nil 15,000 18,000 5 18,000 23,000 7 23,000 33,000 10 33,000 43,000 13 43,000 53,000 16 53,000 63,000 19 63,000 73,000 22 73,000 88,000 25 88,000 103,000 28 103,000 118,000 31 118,000 133,000 34 133,000 148,000 37 148,000 163,000 40 163,000 178,000 43 178,000 193,000 46 193,000 208,000 49 208,000 — 50 TABLE III Applicable where the donee or successor is a brother or a sister, or a child of a brother or of a sister, of the disponer.
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Portion of Value Rate of tax Lower Limit Upper Limit Per cent. £ £ 0 10,000 Nil 10,000 13,000 10 13,000 18,000 12 18,000 28,000 15 28,000 38,000 19 38,000 48,000 23 48,000 58,000 27 58,000 68,000 31 68,000 83,000 35 83,000 98,000 40 98,000 113,000 45 113,000 — 50 TABLE IV Applicable where the donee or successor does not stand to the disponer in a relationship referred to in Table I, II or III of this Part of this Schedule.
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Portion of Value Rate of tax Lower Limit Upper Limit Per cent. £ £ 0 5,000 Nil 5,000 8,000 20 8,000 13,000 22 13,000 23,000 25 23,000 33,000 30 33,000 43,000 35 43,000 53,000 40 53,000 63,000 45 63,000 78,000 50 78,000 93,000 55 93,000 — 60 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais