Finance Act, 1999
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Amendment of section 53 (exemption of small certain receipts) of Principal Act. |
205.—Section 58 of the Principal Act is hereby amended by the insertion of the following subsection after subsection (2): | |
“(3) (a) The receipt by an incapacitated individual of the whole or any part of trust funds which are held on a qualifying trust, or of the income therefrom, shall not be a gift or an inheritance. | ||
(b) In this subsection ‘incapacitated individual’, ‘trust funds’ and ‘qualifying trust’ have the meanings assigned to them, respectively, by section 189A (inserted by the Finance Act, 1999) of the Taxes Consolidation Act, 1997 . | ||
(c) This subsection shall apply in relation to gifts or inheritances taken on or after the 6th day of April, 1997.”. |