Finance Act 2022
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Amendment of section 48A of Principal Act (information about a deceased person’s property) | ||
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76. Section 48A of the Principal Act is amended— | ||
(a) in subsection (1), by the insertion of the following definition: | ||
“‘banker’ has the same meaning as in section 109;”, | ||
(b) in subsection (3)— | ||
(i) by the substitution of the following paragraph for paragraph (a): | ||
“(a) details of all property in respect of which probate is being sought,”, | ||
(ii) by the insertion of the following paragraph after paragraph (a): | ||
“(aa) in the case of a deceased person who on the date of his or her death was— | ||
(i) resident or ordinarily resident and domiciled in the State, or | ||
(ii) resident or ordinarily resident and not domiciled in the State and who had been resident in the State for the 5 consecutive years of assessment immediately preceding the year of assessment in which the date of death falls, | ||
details of all property, wherever situate, the beneficial ownership of which, on the person’s death, is affected by— | ||
(I) that person’s will, | ||
(II) the rules for distribution on intestacy, or | ||
(III) Part IX or section 56 of the Succession Act 1965 or under the analogous law of another territory,”, | ||
(iii) by the insertion of the following paragraph after paragraph (e): | ||
“(ea) details of the inheritances (including the property comprised in those inheritances), if any, other than those referred to in paragraphs (c), (d) and (e), arising on the death of the deceased person,”, | ||
(iv) in paragraph (f), by the deletion of “and” after “deceased person,”, | ||
(v) in paragraph (g)(iv), by the substitution of “regulations, and” for “regulations.”, and | ||
(vi) by the insertion of the following paragraph after paragraph (g): | ||
“(h) such other particulars as the Commissioners may reasonably require for the purposes of this Act.”, | ||
and | ||
(c) by the insertion of the following subsections after subsection (3): | ||
“(3A) For the purposes of subsection (3), the details referred to in paragraphs (a) and (aa) shall include— | ||
(a) the nature of the property, | ||
(b) the nature of the deceased person’s interest in the property, | ||
(c) the situation of the property, | ||
(d) the valuation of the property, and | ||
(e) any debts or charges attaching to the property. | ||
(3B) For the purposes of this section, where a banker receives a request, in writing, to provide information in relation to property held by a deceased person (including property held jointly with any other person) being such information as may be specified by the Commissioners in regulations made under subsection (3) from— | ||
(a) a person who intends to apply for probate in relation to the estate of the deceased person, or | ||
(b) a person acting on behalf of the person referred to in paragraph (a), | ||
the banker shall provide to the person such information to the extent that it is in the banker’s power, possession or procurement, notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under statute or otherwise.”. |