Finance Act, 1995
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Amendment of section 49 (tax treatment of foreign trusts) of Finance Act, 1993. |
28.— Section 49 (as amended by section 31 of the Finance Act, 1994 ) of the Finance Act, 1993 , is hereby amended in paragraph (b) of subsection (1) by the insertion of the following proviso after clause (B) of subparagraph (i): | |
“Provided that all of the assets of a trust shall be regarded as situated outside the State if all of the assets, other than an asset which consists of funds held by a trustee who is a relevant person in a bank account in the State where those funds are so held by the trustee solely for the purposes of processing transactions in relation to assets situated outside the State, are so situated,”. |