Capital Acquisitions Tax Act, 1976

Set-off of gift tax paid in respect of an inheritance.

42.—Where an amount has been paid in respect of gift tax (or interest thereon) on a gift which, by reason of the death of the disponer within two years after the date of the disposition under which the gift was taken, becomes an inheritance in respect of which inheritance tax is payable, the amount so paid shall be treated as a payment on account of the inheritance tax.