Finance Act, 2000

Amendment of section 55 (exemption of certain objects) of Principal Act.

144.—(1) Section 55 of the Principal Act is amended by the substitution of the following subsection for subsection (4):

“(4) The exemption referred to in subsection (2) shall cease to apply to an object, if at any time after the valuation date and—

(a) before the sale of the object,

(b) before the death of the donee or successor, and

(c) before such object again forms part of the property comprised in a gift or an inheritance (other than an inheritance arising by virtue of section 103 of the Finance Act, 1986 ) in respect of which gift or inheritance an absolute interest is taken by a person other than the spouse of that donee or successor,

there has been a breach of any condition specified in paragraph (b) or (c) of subsection (1).”.

(2) This section shall have effect in relation to gifts or inheritances taken on or after 10 February 2000.