Capital Acquisitions Tax Act, 1976

Settlement of an interest not in possession.

25.—(1) Where any donee or successor takes a gift or an inheritance under a disposition made by himself then, if at the date of such disposition he was entitled to the property comprised in the disposition, either expectantly on the happening of an event, or subject to a liability within the meaning of section 18 (9), and such event happens or such liability ceases during the continuance of the disposition, tax shall be charged on the taxable value of the taxable gift or taxable inheritance which he would have taken on the happening of such event, or on the cesser of such liability, if no such disposition had been made.

(2) The provisions of subsection (1) shall not prejudice any charge for tax in respect of any gift or inheritance affecting the same property or any part of it under the said disposition.

(3) In this section, “event” has the same meaning as it has in section 24.