Capital Acquisitions Tax Act, 1976

PART V

Provisions relating to Gifts and Inheritances

Discretionary trusts.

22.—Where a person becomes beneficially entitled in possession to any benefit—

(a) under a discretionary trust, other than a discretionary trust referred to in paragraph (b), otherwise than for full consideration in money or money's worth paid by him, he shall be deemed to have taken a gift;

(b) under a discretionary trust created—

(i) by will at any time;

(ii) by a disposition, where the date of the disposition is on or after the 1st day of April, 1975, and within two years prior to the death of the disponer; or

(iii) by a disposition inter vivos and limited to come into operation on a death occurring before or after the passing of this Act,

otherwise than for full consideration in money or money's worth paid by him, he shall be deemed to have taken an inheritance.