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Exemption of certain objects.
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55.—(1) This section applies to the following objects, that is to say, any pictures, prints, books, manuscripts, works of art, jewellery, scientific collections or other things not held for the purposes of trading—
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(a) which, on a claim being made to the Commissioners, appear to them to be of national, scientific, historic or artistic interest;
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(b) which are kept permanently in the State except for such temporary absences outside the State as are approved by the Commissioners; and
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(c) in respect of which reasonable facilities for viewing are allowed to members of the public or to recognised bodies or to associations of persons.
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(2) (a) Any object to which this section applies and which, at the date of the gift or at the date of inheritance, and at the valuation date, is comprised in a gift or an inheritance taken by a person shall be exempt from tax in relation to that gift or inheritance, and the value thereof shall not be taken into account in computing tax on any gift or inheritance taken by that person from the same disponer unless the exemption ceases to apply under the provisions of subsection (3) or (4).
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(b) The provisions of section 19 (6) shall apply, for the purposes of this subsection, as they apply in relation to agricultural property.
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(3) If an object exempted from tax by virtue of subsection (2) is sold within six years after the valuation date, and before such object forms part of the property comprised in a subsequent gift or inheritance, the exemption referred to in subsection (2) shall cease to apply to such object:
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Provided that, if the sale of such object is a sale by private treaty to the National Gallery of Ireland, the National Museum of Science and Art or any other similar national institution, any university in the State, a local authority or the Friends of the National Collections of Ireland, the exemption referred to in subsection (2) shall continue to apply.
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(4) The exemption referred to in subsection (2) shall cease to apply to an object, if at any time after the valuation date, and before such object again forms part of the property comprised in a gift or an inheritance, there has been a breach, by the donee or successor, of any condition specified in subsection (1) (b) or (c).
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