Finance Act 2013
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Amendment of section 85 (exemption relating to retirement benefits) of Principal Act. |
90.— (1) Section 85 of the Principal Act is amended by substituting the following for subsection (1): | |
“(1) In this section ‘retirement fund’, in relation to an inheritance taken on death of a disponer, means— | ||
(a) an approved retirement fund or an approved minimum retirement fund, within the meaning of section 784A or 784C of the Taxes Consolidation Act 1997 , or | ||
(b) a Personal Retirement Savings Account, within the meaning of section 787A of the Taxes Consolidation Act 1997 , where assets of the Personal Retirement Savings Account are treated under section 787G(4) of that Act as having been made available to an individual, | ||
being a fund which is wholly comprised of all or any of the following, that is— | ||
(i) property which represents in whole or in part the accrued rights of the disponer, or of a predeceased spouse or civil partner of the disponer, under— | ||
(I) an annuity contract or retirement benefits scheme approved by the Commissioners for the purposes of Chapter 1 or Chapter 2 of Part 30 of the Taxes Consolidation Act 1997 , or | ||
(II) a Personal Retirement Savings Account being a PRSA product approved by the Commissioners for the purposes of Chapter 2A of Part 30 of the Taxes Consolidation Act 1997 , | ||
(ii) any accumulations of income of such property, or | ||
(iii) property which represents in whole or in part these accumulations.”. | ||
(2) This section applies to inheritances (within the meaning of the Principal Act) taken on or after the passing of this Act. |