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Income under dispositions for short periods.
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439.—(1) Any income which, by virtue of or in consequence of any disposition made, directly or indirectly, by any person (other than a disposition made for valuable and sufficient consideration) is payable to or applicable for the benefit of any other person, but excluding any income which—
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(i) arises from capital of which the disponor by the disposition has divested absolutely himself in favour of or for the benefit of the said other person, or
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(ii) being payable to any university or college, being a university or college in the State, for the purpose of enabling such university or college to carry on research, is so payable for a period which is or may be three years or longer, or
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(iii) being payable to a person who is an individual for his own use, is so payable for a period which exceeds or may exceed six years, or
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(iv) being applicable for the benefit of a named person who is an individual, is so applicable for a period which exceeds or may exceed six years,
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shall be deemed for the purposes of this Act to be the income of the person, if living, by whom the disposition was made and not to be the income of any other person.
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(2) (a) The reference in subsection (1) to income payable to any university or college, being a university or college in the State, for the purpose of enabling such university or college to carry on research shall include references to income payable—
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(i) to any university, college or school, being a university, college or school in the State for the purpose of assisting such university, college or school to teach the natural sciences or any of them, or
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(ii) to a fund, being a fund within the meaning of this subsection.
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(b) For the purposes of this subsection “fund” means a fund—
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(i) held upon irrevocable trusts under the law of the State,
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(ii) administered in the State, and
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(iii) having for its sole purpose the granting of financial or other aid to universities, colleges or schools in the State in order to assist such universities, colleges or schools to teach the natural sciences or any of them.
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