Finance Act 2014
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Amendment of section 17 of Principal Act (exemptions) | ||
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80. (1) Section 17 of the Principal Act is amended— | ||
(a) in subsection (1) by substituting the following for paragraph (a): | ||
“(a) for purposes which, in accordance with the law of the State, are public or charitable,”, | ||
and | ||
(b) by inserting the following after subsection (1): | ||
“(1A) For the purposes of subsection (1)(a) a discretionary trust that is at any time a party to any arrangements the main purpose (or one of the main purposes) of which is to secure a tax advantage for any person shall be regarded as not having been created exclusively for purposes which, in accordance with the law of the State, are public or charitable. | ||
(1B) For the purposes of subsection (1A)— | ||
‘arrangements’ includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable); | ||
‘tax advantage’ has the same meaning as in section 811 of the Taxes Consolidation Act 1997 .”. | ||
(2) This section applies to inheritances taken on or after the date of the passing of this Act. |