Finance Act, 1940
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Amendment of section 2 (2) of the Finance Act, 1894. |
24.—(1) In this section the expression “the principal sub-section” means sub-section (2) of section 2 of the Finance Act, 1894 , as amended by section 32 of the Finance Act, 1924 (No. 27 of 1924). | |
(2) In the case of any person dying on or after the 8th day of May, 1940, the exemption from estate duty applicable by virtue of the principal sub-section in respect of settled movable property situate outside the State shall not apply in respect of any such property passing on such death where, at the date (whether before or after the passing of this Act) when the disposition under which the property passes took effect, the disponer was domiciled in the State or in the area now comprised in the State or where the said disposition was made, directly or indirectly, on behalf of or at the expense of or out of funds provided by a person who at the said date was domiciled as aforesaid. | ||
(3) Notwithstanding the provisions contained in the next preceding sub-section of this section, the exemption from estate duty applicable by virtue of the principal sub-section in respect of settled movable property situate outside the State shall be deemed to apply in relation to the death of the disponer (but not in relation to any other death) where— | ||
(a) the disponer dies domiciled outside the State, and | ||
(b) the disposition constitutes an immediate gift inter vivos made by the disponer within three years of his death or constitutes a gift (whenever made) of property of which bona fide possession and enjoyment was not immediately assumed by the donee and thenceforward retained to the entire exclusion of the disponer or of any benefit to him by contract or otherwise, and | ||
(c) estate duty would, having regard to the provisions contained in the said next preceding sub-section, be chargeable on the death of the disponer. |