Finance Act, 1989
Exemption of specified collective investment undertakings. |
85.—(1) In this section “specified collective investment undertaking” and “unit” have, respectively, the same meanings as they have in section 18 . | |
(2) Where any unit of a specified collective investment undertaking is comprised in a gift or an inheritance, then such unit— | ||
(a) shall be exempt from tax, and | ||
(b) shall not be taken into account in computing tax on any gift or inheritance taken by the donee or successor, | ||
if, but only if, it is shown to the satisfaction of the Commissioners that— | ||
(i) the unit is comprised in the gift or inheritance— | ||
(I) at the date of the gift or at the date of the inheritance; and | ||
(II) at the valuation date; | ||
(ii) at the date of the disposition— | ||
(I) the disponer is neither domiciled nor ordinarily resident in the State; or | ||
(II) the proper law of the disposition is not the law of the State; | ||
and | ||
(iii) at the date of the gift or at the date of the inheritance, the donee or successor is neither domiciled nor ordinarily resident in the State. | ||
(3) This section shall have effect as respects gifts and inheritances taken on or after the date of the passing of this Act. |