Finance Act, 1971
Restriction of exemption from duty of marriage gifts. |
41.—(1) Where a person makes a gift in consideration of marriage and the person is either a party to the marriage or the parent or remoter ancestor of a party to the marriage and the gift is for the benefit either of a party to the marriage or of the issue of the marriage, paragraphs (c) and (e) of section 2 (1) of the Finance Act, 1894 , shall apply to so much only of the principal value of the property comprised in the gift as exceeds £5,000. | |
(2) Where a person makes a gift in consideration of marriage and the gift is for the benefit either of a party to the marriage or of the issue of the marriage and subsection (1) of this section does not apply, paragraphs (c) and (e) of section 2 (1) of the Finance Act, 1894 , shall apply to so much only of the principal value of the property comprised in the gift as exceeds £1,000. | ||
(3) In the case of any one death— | ||
(a) the total amount of the relief conferred by subsection (1) of this section in respect of any one marriage shall not exceed £5,000, and | ||
(b) the total amount of the relief conferred by subsection (2) of this section in respect of any one marriage shall not exceed £1,000. | ||
(4) In this section “issue” includes a step-child and a child adopted under the provisions of the Adoption Acts, 1952 and 1964, and their issue and “parent” and “remoter ancestor” shall be construed accordingly. | ||
(5) (a) Section 59 (2) of the Finance (1909-10) Act, 1910 , as amended by the Finance Act, 1965 , shall have effect as if “which are made in consideration of marriage, to or for the benefit of a party to the marriage or of issue of the marriage, or” were deleted. | ||
(b) Section 27 of the Finance Act, 1938 , shall have effect as if paragraph (a) were deleted. | ||
(c) Section 24 (3) of the Finance Act, 1961 , shall have effect as if paragraph (c) were deleted. | ||
(6) This section shall have effect only in respect of dispositions and gifts made on or after the 28th day of April, 1971. |