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S.I. No. 78/1930 - Death Duties (Payment in Securities) Regulations, 1930.

STATUTORY RULES AND ORDERS. 1930. No. 78.

DEATH DUTIES (PAYMENT IN SECURITIES) REGULATIONS, 1930.

WHEREAS it is enacted by sub-section (1) of Section 20 of the Finance Act, 1930 (No. 20 of 1930), that the Minister for Finance may by regulations provide that any security which is issued by him (whether before or after the passing of that Act) during the financial year ending on the 31st day of March, 1931, for the purpose of raising any money on loan shall, subject to such limitations and conditions as may be prescribed by such regulations, be accepted in payment of any death duty, and whenever any such regulations are made in relation to any such security any person from whom any sum is due on account of any death duty may, in accordance with and subject to the provisions of such regulations, pay that sum or any part thereof by means of the transfer to such account of the Minister for Finance as shall be prescribed by such regulations of so much of such security as is equal in value at the date of such transfer to the said sum or the said part thereof (as the case may be) to be so paid:

NOW, therefore, the Minister for Finance, in exercise of the powers conferred on him by sub-section (1) of Section 20 of the Finance Act, 1930 (No. 20 of 1930), and of every and any other power him in this behalf enabling, hereby makes the following regulations, that is to say—

1. These Regulations may be cited for all purposes as the Death Duties (Payment in Securities) Regulations, 1930.

2. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these Regulations in like manner as it applies to the interpretation of an Act of the Oireachtas.

3. The Irish Free State National Loan, 1950-1970 (4½% Registered and Inscribed Stock, 1950-1970) (in these Regulations referred to as the Stock) shall be accepted in payment of any death duty subject to the following conditions, viz.:—

(a) the Stock shall only be accepted in payment or in part payment (as the case may be) of any death duty on the property passing under the will or intestacy of a deceased person if it is shown to the satisfaction of the Revenue Commissioners that it formed part of such property at his death and that he had been the beneficial owner thereof continuously from the date of the original subscription to the loan up to the date of his death or continuously for a period of not less than six months immediately preceding the date of his death;

(b) the Stock shall only be accepted in payment or in part payment (as the case may be) of any death duty on property passing or deemed to pass on the death of a deceased person under a title other than his will or intestacy if it is shown to the satisfaction of the Revenue Commissioners that such Stock formed part of the property passing or deemed to pass under that title and had formed part thereof continuously from the date of the original subscription to the loan up to the date of his death or continuously for a period of not less than six months immediately preceding his death.

4. In any case in which it is desired to pay any sum on account of any death duty by means of the transfer of the Stock in pursuance of these Regulations, application should be made to the Revenue Commissioners. The application should be addressed to the Controller of Death Duties, Estate Duty Office, Dublin Castle, and should specify the amount of the Stock tendered, whether transferable by deed or not; whether the holding is subject to any lien or charge whatsoever and whether it is under the applicant's control and, if not, under whose control it is.

5. The Revenue Commissioners shall arrange with the applicant the procedure to be followed in each particular case for the transfer of the Stock.

6. The value of the Stock tendered, calculated in accordance with paragraph (a) of sub-section (9) of Section 20 of the Finance Act, 1930 (No. 20 of 1930), shall not exceed the amount of the duty payable.

7. In all cases, the Stock shall be accepted subject to such verification as may be necessary, and subject to an undertaking to the Revenue Commissioners that all steps necessary to complete the transfer will be taken by or on behalf of the applicant, and the Revenue Commissioners may require such security as they think fit to be given for the completion of the transfer.

8. The Revenue Commissioners shall forward to the Bank of Ireland particulars of any holding of the Stock which has been tendered to them under these Rgulations, and the Bank of Ireland shall be and is hereby authorised to decline to permit any dealing with, or accept any direction with regard to, such holding except upon the instructions of the Revenue Commissioners.

9. For the purposes of sub-section (1) of Section 20 of the Finance Act, 1930 , the prescribed account of the Minister for Finance shall be the account entitled "Account of the Minister for Finance—Securities accepted in payment of Death Duties."

Given under the Official Seal of the Minister for

Finance this 30th day of September, in the

Year One Thousand Nine Hundred and Thirty.

(Signed) ARTHUR D. CODLING,

An Assistant Secretary,

Department of Finance.