Finance Act, 2000

Amendment of section 58 (exemption of certain receipts) of Principal Act.

152.—(1) Section 58 of the Principal Act is amended by the insertion after subsection (3) of the following subsection:

“(4) The receipt by a minor child of the disponer of money or money's worth for support, maintenance or education, at a time when the disponer and the other parent of that minor child are dead, shall not be a gift or an inheritance where the provision of such support, maintenance or education—

(a) is such as would be part of the normal expenditure of a person in the circumstances of the disponer immediately prior to the death of the disponer; and

(b) is reasonable having regard to the financial circumstances of the disponer immediately prior to the death of the disponer.”.

(2) This section shall have effect in relation to gifts or inheritances taken on or after the date of the passing of this Act.