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Amendment of section 36 (delivery of returns) of Principal Act.
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200.—Section 36 of the Principal Act is hereby amended—
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(a) in paragraph (a) of subsection (1) by the substitution of the following subparagraph for subparagraph (iii):
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“(iii) a reference, other than in subparagraph (i) or subsection (13) or (14), to a gift or a taxable gift includes a reference to an inheritance or a taxable inheritance, as the case may be; and”,
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(b) in subsection (4) by the substitution of the following paragraphs for paragraphs (c) and (d):
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“(c) so far as it is a taxable gift taken on or after the 26th day of March, 1984, and before the 2nd day of December, 1998, the aggregate of the taxable values of all taxable gifts taken by the donee on or after the 2nd day of June, 1982, exceeds an amount which is 80 per cent of the threshold amount (as defined in the Second Schedule) which applies in the computation of the tax on that aggregate; or
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(d) so far as it is a taxable gift taken on or after the 2nd day of December, 1998, the aggregate of the taxable values of all taxable gifts taken by the donee on or after the 2nd day of December, 1988, exceeds an amount which is 80 per cent of the threshold amount (as defined in the Second Schedule) which applies in the computation of the tax on that aggregate; or
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(e) the donee or, in a case to which section 23(1) applies, the transferee (within the meaning of, and to the extent provided for by, that section) is required by notice in writing by the Commissioners to deliver a return,”,
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and
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(c) by the insertion of the following subsections after subsection (11):
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“(12) The Commissioners may by notice in writing require any person to deliver to them within such time, not being less than 30 days, as may be specified in the notice, a full and true return showing details of every taxable gift (including the property comprised therein) taken by that person during the period specified in the notice or, as the case may be, indicating that that person has taken no taxable gift during that period.
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(13) As respects a taxable gift to which this subsection applies, any accountable person who is a disponer shall within 4 months of the valuation date deliver to the Commissioners a full and true return—
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(a) of all the property comprised in such gift on the valuation date,
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(b) of an estimate of the market value of such property on the valuation date, and
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(c) of such particulars as may be relevant to the assessment of tax in respect of the gift.
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(14) Subsection (13) applies to a taxable gift taken on or after the 11th day of February, 1999, in the case where—
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(a) the taxable value of the taxable gift exceeds an amount which is 80 per cent of the class threshold (as defined in the Second Schedule) which applies in relation to that gift for the purposes of the computation of the tax on that gift,
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(b) the taxable value of the taxable gift taken by the donee from the disponer increases the total taxable value of all taxable gifts and taxable inheritances taken on or after the 2nd day of December, 1988, by the donee from the disponer from an amount less than or equal to the amount specified in paragraph (a) to an amount which exceeds the amount so specified, or
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(c) the total taxable value of all taxable gifts and taxable inheritances taken on or after the 2nd day of December, 1988, by the donee from the disponer exceeds the amount specified in paragraph (a) and the donee takes a further taxable gift from the disponer.
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(15) Where, on or after the 11th day of February, 1999, under or in consequence of any disposition made by a person who is living and domiciled in the State at the date of the disposition, property becomes subject to a discretionary trust, the disponer shall within 4 months of the date of the disposition deliver to the Commissioners a full and true return of—
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(a) the terms of the discretionary trust,
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(b) the names and addresses of the trustees and objects of the discretionary trust, and
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(c) an estimate of the market value at the date of the disposition of the property becoming subject to the discretionary trust.”.
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