Capital Acquisitions Tax Act, 1976

Inheritance deemed to be taken.

11.—(1) For the purposes of this Act, where, under or in consequence of any disposition, a person becomes beneficially entitled in possession on a death to any benefit (whether or not the person becoming so entitled already has any interest in the property in which he takes such benefit), otherwise than for full consideration in money or money's worth paid by him, he shall be deemed to take an inheritance.

(2) The provisions of subsections (2), (4) and (5) of section 5 shall apply, with any necessary modifications, in relation to an inheritance as they apply in relation to a gift.

(3) For the purposes of section 12 (1) (b) the sum referred to in section 5 (2) (b) shall be deemed not to be situate in the State at the date of the inheritance.