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Finance Act, 1965

Amendment of section 2 (2) of Finance Act, 1894.

22.(1) In this section “the Principal Act” means the Finance Act, 1894.

(2) The exemption from estate duty applicable by virtue of subsection (2) of section 2 of the Principal Act shall not apply to property other than land situate out of the State which, by the law of the country in which it is situate, is or is deemed to be immovable property and which passes or is deemed to pass on a death occurring after the passing of this Act where either—

(a) the death is that of a person dying domiciled in the State and the property passes under his will or intestacy or by survivorship or is deemed to pass by reference to being the subject matter of a gift inter vivos made, whether before or after the passing of this Act, by him, or

(b) the property passes or is deemed to pass under or by virtue of a disposition made, whether before or after the passing of this Act, by a person who, at the date when the disposition took effect, was domiciled in the State or in the area now comprised in the State or under a disposition made, whether before or after the passing of this Act, directly or indirectly, on behalf of or at the expense of or out of funds provided by a person who at the said date was domiciled as aforesaid.

(3) Paragraph (b) of subsection (2) of this section shall not apply in relation to the death of the disponer where—

(a) the disponer dies domiciled outside the State, and

(b) the disposition constitutes an immediate gift inter vivos made, whether before or after the passing of this Act, by him.

(4) As respects property to which subsection (2) of this section applies, the following provisions shall have effect:

(a) the proviso to subsection (5) of section 7 of the Principal Act and subsection (3) of section 60 of the Finance (1909-10) Act, 1910, shall not apply;

(b) where the deceased was competent to dispose of such property within the meaning of the Principal Act, his executor (as defined by paragraph (d) of subsection (1) of section 22 of that Act) shall, in addition to any other person, be accountable for the duty and subsection (4) of section 8 of the Principal Act shall have effect as if the words referring to the executor not being accountable were omitted;

(c) the charge for duty thereon by virtue of subsection (1) of section 9 of the Principal Act shall extend to assets which form the proceeds of any disposition of the property or otherwise for the time being directly or indirectly represent it and the proviso to that subsection and any other enactment relating to the charge imposed under that section shall have effect accordingly.