Finance Act, 1923
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Issue of securities with exemption from taxation. |
21.—(1) Any security which the Minister for Finance has power to issue for the purpose of raising any money or loan, may be issued with a condition that neither the capital of nor the interest on such security shall be liable to any taxation in Saorstát Eireann so long as it is shown in the manner to be prescribed by the Minister for Finance that such security is in the beneficial ownership of a person or persons who is or are not ordinarily resident in Saorstát Eireann, and every security issued with such condition shall be exempt from taxation accordingly. | |
(2) The provisions of Section 34 of the Finance Act, 1917 , and of Section 42 of the Finance Act, 1918 (which provide that certain stocks and bonds issued by the British Treasury should be accepted in satisfaction of death duties), shall not apply in the case of any claim for death duties arising in Saorstát Eireann on a death occurring on or after the 1st day of April, 1924: | ||
Provided that where death duties are payable in Great Britain or Northern Ireland as well as in Saorstát Eireann in respect of property passing on a death occurring before the 1st day of April, 1924, the said section 34 of the Finance Act, 1917 , and section 42 of the Finance Act, 1918 , shall apply only to the surplus of such stocks and securities as shall remain after application of as much of the holding as can be applied in discharge of death duties in Great Britain or Northern Ireland, and in every such case the Revenue Commissioners shall be entitled to obtain from the persons tendering the Stocks or bonds towards payment of death duties such information as will enable them to determine the amount of the surplus aforesaid. |