Finance Act, 1985

Amendment of section 108 (exemptions) of Finance Act, 1984.

65.Section 108 of the Finance Act, 1984 , shall have effect, and shall be deemed always to have had effect, as if the following subsection were added thereto:

“(2) Section 106 shall not apply or have effect—

(a) in relation to a discretionary trust in respect of the property subject to or becoming subject to the trust which, on the termination of the trust, is comprised in a gift or an inheritance taken by the State; or

(b) in respect of an inheritance which, apart from this subsection, would be deemed, by the combined effect of section 31 of the Principal Act and section 106, to be taken by a discretionary trust.”.