Finance Act, 1970

Extension of exemption for gifts to the State.

38.—(1) Where a gift to the State (within the meaning of section 23 (4) of the Finance Act, 1961 ) is limited to take effect indefeasibly on the death of the survivor of the donor and the spouse of the donor and both deaths occur after the passing of this Act, the property the subject matter of the gift shall not be included in the property passing or deemed to pass on either death.

(2) Subsection (2) of the said section 23 shall apply in relation to the exemption granted by subsection (1) of this section and subsection (3) of the said section 23 shall apply in relation to the duty becoming payable on the termination of that exemption.