Wealth Tax Act, 1975

Interpretation.

1.—(1) In this Act save where the context otherwise requires—

“accountable person” means a person who is accountable for the payment of tax by virtue of section 14;

“assessable person” means an individual, discretionary trust or private non-trading company;

“child” includes—

(a) a stepchild;

(b) a child adopted—

(i) under the Adoption Acts, 1952 to 1974; or

(ii) under an adoption law, other than the Adoption Acts, 1952 to 1974, being an adoption that has, in the place where the law applies, substantially the same effect in relation to property rights (including the law of succession) as an adoption under the Adoption Acts, 1952 to 1974, has in the State in relation to such rights;

and such child shall be deemed to be the child of the adopter or adopters born to him or them in lawful wedlock and not to be the child of any other person;

“the Commissioners” means the Revenue Commissioners;

“discretionary trust” means any disposition whereby, or by virtue or in consequence of which, property is held on trust to apply, or with a power to apply, the income or capital or part of the income or capital of the property for the benefit of any person or persons or of any one or more of a number or of a class of persons whether at the discretion of trustees or any other person and notwithstanding that there may be a power to accumulate all or any part of the income and for the purposes of this definition “disposition” includes any disposition whether by deed or will and any covenant, agreement or arrangement whether effected with or without writing;

“entitled in possession” means having a present right to the enjoyment of property as opposed to having a future such right, and without prejudice to the generality of the foregoing, a person shall also, for the purposes of this Act, be deemed to be entitled in possession to—

(a) property comprised in an instrument which he may revoke, and

(b) an interest or share in a partnership, joint tenancy or estate of a deceased person, in which he is a partner, joint tenant or beneficiary as the case may be,

but he shall not be deemed to be entitled in possession to an interest in expectancy until an event happens whereby this interest ceases to be an interest in expectancy and for the purposes of this definition “interest in expectancy” includes an estate in remainder or reversion but does not include—

(i) a remainder expectant on the determination of a lease.

(ii) a reversion expectant on the determination of a limited interest created by the person;

“limited interest” shall be construed in accordance with section 3 (5) (b);

“the market value”, in relation to property, means the market value thereof ascertained in accordance with section 8 or 9 as the case may be;

“minor child” means a child who has not attained the age of 21 years on the relevant valuation date and who has not married on or before that date;

“the net market value”, in relation to any property, means the net market value thereof ascertained in accordance with section 10 or 11, as the case may be;

“ordinarily resident” has the same meaning as in the Income Tax Acts and an individual who has been ordinarily resident in the State for a year ending on a valuation date shall be deemed to be ordinarily resident in the State on that valuation date;

“personal property” means any property other than real property;

“personal representative” means the executor or administrator for the time being of a deceased person and includes any person who takes possession of or intermeddles with the property of a deceased person, and also includes any person having in relation to the deceased under the law of another country any functions corresponding to the functions for administration purposes under the law of the State of an executor or administrator;

“private non-trading company” has the meaning assigned to it by section 6 (3);

“property” includes interests and rights of any description;

“real property” means real and chattel real property and includes real and chattel real property that is impressed with a trust for sale and to which an individual or other assessable person whose property situate outside the State is not liable to tax is beneficially entitled in possession;

“tax” means wealth tax chargeable by virtue of this Act;

“valuation date”, in relation to any year, means the 5th day of April in that year.

(2) For the purposes of this Act, a husband and wife shall be treated as living with each other, on a valuation date, unless on that date—

(a) they are separated under an order of a court of competent jurisdiction or by deed of separation, or

(b) they are in fact separated in such circumstances that the separation is likely to be permanent.

(3) In this Act—

(a) a reference to a section is to a section of this Act unless it is indicated that a reference to some other enactment is intended;

(b) a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision in which the reference occurs unless it is indicated that reference to some other provision is intended;

(c) a reference to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act.