Finance Act, 1956

Exemption from taxation—certain stocks or other securities.

34.—(1) This section applies to any stock or other security on which interest is payable without deduction of income tax by virtue of a direction given by the Minister for Finance in pursuance of section 12 of the Finance Act, 1954 (No. 22 of 1954), or of section 5 of the Finance Act, 1955 (No. 13 of 1955).

(2) Any stock or other security to which this section applies may be issued with either or both of the following conditions:

(a) that neither the capital of nor the interest on the stock or other security shall be liable to any taxation in the State so long as it is shown in the manner directed by the Minister for Finance that the stock or other security is in the beneficial ownership of persons who are neither domiciled nor ordinarily resident in the State,

(b) that the interest on the stock or other security shall not be liable to income tax so long as it is shown in the manner directed by the Minister for Finance that the stock or other security is in the beneficial ownership of persons who, though domiciled in the State, are not ordinarily resident therein,

and, as respects every such stock or other security issued as aforesaid, exemption from taxation shall be granted accordingly.

(3) An exemption conferred by this section, so far as relates to duties leviable on or with reference to a death, is to be taken to be such as to operate by reference to persons beneficially owning the stocks or other securities immediately before, not after, the death.

(4) Subsections (1), (2) and (3) of this section shall be deemed to have come into operation on the 6th day of April, 1955.