Finance Act, 1966
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PART III Death Duties | ||
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Benefits accruing pursuant to superannuation schemes. |
18.—(1) In this section— | |
“death benefit” means any benefit which accrues pursuant to a superannuation scheme on or in connection with a death, occurring after the passing of this Act, during service or after retirement; | ||
“superannuation scheme” includes any arrangement connected with employment; | ||
“employment” includes employment as a director of a body corporate. | ||
(2) For the purposes of section 2 (1) (d) of the Finance Act, 1894 , a beneficial interest shall be deemed to have accrued on the death in respect of which a death benefit has been paid notwithstanding that at the date of the death no person had a right enforceable at law to the benefit and the provisions of that Act and of section 24 of the Finance Act, 1965 , shall apply to the benefit as if that right had then existed. | ||
(3) A death benefit to which subsection (2) of this section applies shall for all purposes of estate duty, legacy duty and succession duty be deemed— | ||
(a) in case it has been paid to the legal personal representative of the deceased, to be part of the deceased's personal estate passing under his will or intestacy, | ||
(b) in any other case, to be a succession derived under a disposition made by the deceased. | ||
(4) In a case in which a death benefit consists of property other than money, the reference in subsection (2) of this section to a death benefit having been paid shall be construed accordingly. | ||
(5) Section 5 of the Finance Act, 1945 , is hereby repealed in relation to persons dying after the passing of this Act. |