Finance Act, 1938

Exemption from section 2 of the Finance Act, 1937 .

2.—(1) Section 2 (which contains provisions as to income settled on children) of the Finance Act, 1937 (No. 18 of 1937), shall not apply to any income which, by virtue or in consequence of a settlement and during the life of the settlor, is in any year of assessment paid or payable or accumulated to or for the benefit of a child of the settlor if the settlor proves to the satisfaction of the Revenue Commissioners—

(a) that the aggregate amount of such income so paid, payable, or accumulated in such year does not exceed sixty pounds, and

(b) that at the beginning of such year such child is over the age of sixteen years and is permanently incapacitated by mental or physical infirmity from maintaining himself and from receiving full-time instruction at a university, college, school, or other educational establishment, and

(c) that such child is not entitled for such year to income exceeding in the aggregate forty pounds, exclusive of income to which the said section 2 would have applied if this section had not been enacted.

(2) The words “child” and “settlement” respectively have in this section the same meanings as they respectively have in the said section 2 of the Finance Act, 1937 .