Finance Act, 1993
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Exemption of certain policies of assurance. |
133.—(1) In this section “policy” means a contract entered into by a company in the course of carrying on a foreign life assurance business within the meaning of section 36 of the Finance Act, 1988 . | |
(2) Where any interest in a policy is comprised in a gift or an inheritance, then any such interest— | ||
(a) shall be exempt from tax, and | ||
(b) shall not be taken into account in computing tax on any gift or inheritance taken by a donee or successor, | ||
if, but only if, it is shown to the satisfaction of the Commissioners that— | ||
(i) such interest is comprised in the gift or inheritance at the date of the gift or at the date of the inheritance; | ||
(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; | ||
(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 apply to any interest in a policy issued on or after the 1st day of December, 1992. |