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.