Exemption of certain inheritances taken by parents.
165.—Notwithstanding the provisions of the Principal Act, an inheritance taken on or after the 12th day of April, 1995, by a person from a disponer shall, where—
(a) that person is a parent of that disponer, and
(b) the date of the inheritance is the date of death of that disponer,
be exempt from tax and shall not be taken into account in computing tax if and only if that disponer took a non-exempt gift or inheritance from either or both of that disponer's parents within the period of 5 years immediately prior to the date of death of that disponer.
