Finance Act, 1989

Exemption of specified collective investment undertakings.

85.—(1) In this section “specified collective investment undertaking” and “unit” have, respectively, the same meanings as they have in section 18 .

(2) Where any unit of a specified collective investment undertaking is comprised in a gift or an inheritance, then such unit—

(a) shall be exempt from tax, and

(b) shall not be taken into account in computing tax on any gift or inheritance taken by the donee or successor,

if, but only if, it is shown to the satisfaction of the Commissioners that—

(i) the unit is comprised in the gift or inheritance—

(I) at the date of the gift or at the date of the inheritance; and

(II) at the valuation date;

(ii) at the date of the disposition—

(I) the disponer is neither domiciled nor ordinarily resident in the State; or

(II) the proper law of the disposition is not the law of the State;

and

(iii) at the date of the gift or at the date of the inheritance, the donee or successor is neither domiciled nor ordinarily resident in the State.

(3) This section shall have effect as respects gifts and inheritances taken on or after the date of the passing of this Act.