Finance Act, 1982

Amendment of section 36 (delivery of returns) of Principal Act.

101.—(1) Section 36 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (3) (inserted by the Finance Act, 1978 )—

“(3) Subsection (2) applies to a gift where—

(a) the taxable value of such gift, so far as it is a taxable gift, exceeds an amount which is 80 per cent. of the lowest value upon which, at the date of such gift, tax becomes chargeable in respect of a gift taken by the donee of such gift from the disponer thereof,

(b) the taxable value of such gift, so far as it is a taxable gift, falls to be aggregated with gifts taken by the donee of such gift, either on or before the date of such gift, from any disponer and thereby increases the total taxable value of all taxable gifts so aggregated taken by such donee from any disponer from an amount which is less than or equal to the amount specified in paragraph (a) to an amount which exceeds the amount so specified,

(c) the taxable value of such gift, so far as it is a taxable gift, falls to be aggregated with gifts taken by the donee of such gift, either on or before the date of such gift, from any disponer and thereby increases the total taxable value of all taxable gifts so aggregated taken by such donee from any disponer from an amount which is greater than the amount specified in paragraph (a), or

(d) the donee is required by notice in writing by the Commissioners to deliver a return,

and for the purposes of this subsection, a reference to a gift or to a taxable gift includes a reference to a part of a gift or to a part of a taxable gift, as the case may be.”.

(2) This section shall have effect in relation to gifts taken on or after the 2nd day of June, 1982.