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10 1987

FINANCE ACT, 1987

PART V

Capital Acquisitions Tax

Amendment of section 54 (provisions relating to charities, etc.) of Capital Acquisitions Tax Act, 1976.

50. —(1) Section 54 of the Capital Acquisitions Tax Act, 1976 , is hereby amended by the substitution of the following subsection for subsection (2):

“(2) A gift or an inheritance which is taken for public or charitable purposes shall be exempt from tax, and shall not be taken into account in computing tax, to the extent that the Commissioners are satisfied that it has been, or will be, applied to purposes which, in accordance with the law of the State, are public or charitable.”.

(2) This section shall apply where the date of the gift or the date of the inheritance is on or after the date of the passing of this Act.