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Cesser of liabilities.
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28.—(1) The benefit of the cesser of—
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(a) a liability within the meaning of section 18 (9); or
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(b) any liability similar to that referred to in paragraph (a) to which the taking of a benefit which was a gift or inheritance was subject,
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shall be deemed to be a gift or an inheritance, as the case may be, which shall be deemed—
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(i) to the extent that the liability is charged on or secured by any property at the time of its cesser, to consist of the whole or the appropriate part, as the case may be, of that property; and
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(ii) to the extent that the liability is not charged on or secured by any property at the time of its cesser, to consist of such sum as would, under the provisions of section 5 (2) (b), be the sum the annual income of which would be equal to the annual value of the liability.
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(2) In this section, “appropriate part” has the meaning assigned to it by section 5 (5).
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(3) For the purposes of sections 6 (1) (c) and 12 (1) (b), the sum referred to in subparagraph (ii) of subsection (1) shall be deemed not to be situate in the State at the date of the gift or at the date of the inheritance.
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