Finance Act, 1999
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Exemption relating to retirement benefits. |
206.—The Principal Act is hereby amended by the insertion of the following section after section 59A: | |
“59B.—(1) The whole or any part of a retirement fund which is comprised in an inheritance which is taken upon the death of a disponer dying on or after the date of the passing of the Finance Act, 1999, shall be exempt from tax in relation to that inheritance and in relation to a charge for tax arising on that death by virtue of section 110 of the Finance Act, 1993 , and the value thereof shall not be taken into account in computing tax, where— | ||
(a) the disposition under which the inheritance is taken is the will or intestacy of the disponer, and | ||
(b) the successor is a child of the disponer and had attained 21 years of age at the date of that disposition. | ||
(2) In this section ‘retirement fund’, in relation to an inheritance taken on the death of a disponer, means an approved retirement fund or an approved minimum retirement fund, within the meaning of section 784A or 784C of the Taxes Consolidation Act, 1997 , being a fund which is wholly comprised of all or any of the following, that is to say— | ||
(a) property which represents in whole or in part the accrued rights of the disponer, or of a predeceased spouse of the disponer, under an annuity contract or retirement benefits scheme approved by the Revenue Commissioners for the purposes of Chapter 1 or Chapter 2 of Part 30 of that Act. | ||
(b) any accumulations of income thereof, or | ||
(c) property which represents in whole or in part those accumulations.”. |