Finance Act, 1970

Amendment of section 20 of Finance Act, 1965.

34.—(1) Section 20 of the Finance Act, 1965 , is hereby amended—

(a) by the substitution in subsections (3) (a) and (4) (a) (i) of “company which then was or thereafter became a company controlled by the deceased” for “company controlled by the deceased”, and

(b) by the insertion at the end of subsection (4) of the following paragraph:

“(d) Where, in a case to which paragraph (a) (i) applies, the company controlled by the deceased was a non-trading company, this subsection shall have effect as if in paragraph (a) (ii) ‘other than dividends or interest on stocks, shares or debentures of the company’ were deleted.”

(2) Where, for the purposes of subsection (5) of the said section 20, a non-trading company is deemed to be voluntarily wound up and its assets realised on a particular date, the amount deemed to be so realised shall be estimated to be the price which, in the opinion of the Revenue Commissioners, the assets would fetch if sold in the open market on that date.

(3) This section shall have effect only in relation to a death occurring after the passing of this Act.