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Finance Act, 1996

Exemption relating to qualifying expenses of incapacitated persons.

123.—(1) The Principal Act is hereby amended by the insertion of the following section after section 59:

“59A.—(1) A gift or inheritance which is taken exclusively for the purpose of discharging qualifying expenses of an individual who is permanently incapacitated by reason of physical or mental infirmity shall, to the extent that the Commissioners are satisfied that it has been or will be applied to such purpose, be exempt from tax and shall not be taken into account in computing tax.

(2) In this section ‘qualifying expenses’ means expenses relating to medical care including the cost of maintenance in connection with such medical care.”.

(2) This section shall have effect in relation to gifts or inheritances taken on or after the 28th day of March, 1996.