Finance Act, 1973

Exemption from duty of certain unit trusts.

60.—(1) In this section—

“securities” means securities (including debenture stock, mortgage bonds and mortgage stock and certificates of charge under the Agricultural Credit Acts, 1927 to 1972) issued, whether before or after the passing of this Act, with a condition that they be exempt from taxation when in the beneficial ownership of persons neither domiciled nor ordinarily resident in the State;

“unit trust scheme” means a unit trust scheme registered in the register established by the Unit Trusts Act, 1972 , whose deed expressing the trusts of the scheme, restricts the property subject to those trusts to securities.

(2) Units (within the meaning of the said Unit Trusts Act, 1972 ) of a unit trust scheme shall be exempt from death duties in connection with the death of any person dying after the passing of this Act who was not domiciled or ordinarily resident in the State at the time of his death and section 12 (2) of the Finance Act, 1951 , section 34 (3) of the Finance Act, 1956 , and section 39 of the Finance Act, 1970 , shall apply to such units as if they were securities.