Finance Act, 1971
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Amendment of section 28 of Finance Act, 1961. |
35.—In the case of any person dying after the passing of this Act, section 28 of the Finance Act, 1961 , is hereby amended by— | |
(a) the insertion at the end of subsection (1) of the following proviso: | ||
“Provided that this subsection shall not apply in any case where at the time of the making of the gift there was reserved to the donor or at any time thereafter there was granted or demised to him an interest in the property for a period other than a period determinable by reference to death, or he became entitled to or acquired any interest in or benefit from the property or any right or privilege over or in relation to the property other than an interest for a period determinable by reference to death, and he had not divested himself of any such interest, benefit, right or privilege more than five years before his death.”, and | ||
(b) by the insertion at the end of subsection (3) of the following proviso: | ||
“Provided that this subsection shall not apply in any case where at the time of the said disposition or the determination referred to in subsection (3) of this section there was reserved to the donor or at any time thereafter there was granted or demised to him an interest in the property for a period other than a period determinable by reference to death, or he became entitled to or acquired any interest in or benefit from the property or any right or privilege over or in relation to the property other than an interest for a period determinable by reference to death, and he had not divested himself of any such interest, benefit, right or privilege more than five years before his death.”. |