Finance Act, 2000
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Amendment of section 55 (exemption of certain objects) of Principal Act. |
144.—(1) Section 55 of the Principal Act is amended by the substitution of the following subsection for subsection (4): | |
“(4) The exemption referred to in subsection (2) shall cease to apply to an object, if at any time after the valuation date and— | ||
(a) before the sale of the object, | ||
(b) before the death of the donee or successor, and | ||
(c) before such object again forms part of the property comprised in a gift or an inheritance (other than an inheritance arising by virtue of section 103 of the Finance Act, 1986 ) in respect of which gift or inheritance an absolute interest is taken by a person other than the spouse of that donee or successor, | ||
there has been a breach of any condition specified in paragraph (b) or (c) of subsection (1).”. | ||
(2) This section shall have effect in relation to gifts or inheritances taken on or after 10 February 2000. |