Finance Act, 1956
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PART III. Death Duties. | ||
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Relief from estate duty—certain stocks, shares or securities. |
21.—(1) Where section 7 of the Finance Act, 1932 (No. 20 of 1932), applies to any stocks, shares or securities, whether issued before or after the passing of this Act, then, so long as that section applies to the stocks, shares or securities, this section shall also apply to them. | |
(2) Where the property passing on the death, occurring on or after the day of the passing of this Act, of any person dying domiciled in the State includes any stocks, shares or securities to which this section applies when the property passes, the value of the stocks, shares or securities for the purpose of assessment of estate duty shall be deemed to be two-thirds of their value as estimated in accordance with the provisions of subsection (5) of section 7 of the Finance Act, 1894 . | ||
(3) The relief from estate duty provided for by this section shall be granted in connection with the death of a person only if it is shown to the satisfaction of the Revenue Commissioners that the deceased person had been beneficially entitled to the stocks, shares or securities continuously from the date of the original issue thereof up to the day of his death or continuously for a period of not less than three years immediately preceding the day of his death. | ||
(4) Where, in a case in which relief under this section may be given, the stocks, shares or securities are subject to any debt, charge, lien or incumbrance which is allowable as a deduction from the value thereof for the purpose of estate duty, the amount of the deduction in respect of the debt, charge, lien or incumbrance shall be determined as if the value of the stocks, shares or securities was not reduced in accordance with the provisions of subsection (2) of this section. |