First Previous (PART II. CUSTOMS AND EXCISE.) Next (PART IV. CORPORATION PROFITS TAX.)

27 1924

FINANCE ACT, 1924

PART III.

DEATH DUTIES.

Rates of estate duty.

31. —The scale of rates of estate duty set out in the Second Schedule to this Act shall in the case of persons dying on or after the 1st day of April, 1924, be substituted for the scale set out in the Third Schedule to the Finance Act, 1919.

Amendment of section 2 of Finance Act, 1894.

32. —(1) Sub-section (1) of section 2 of the Finance Act, 1894, shall, in the case of a person dying on or after the 1st day of April, 1924, be read as if there were added after paragraph (d) thereof the following paragraph—

“(e) Any personal or moveable property situate out of Saorstát Eireann taken as a donatio mortis causâ made by any person dying domiciled in Saorstát Eireann, or taken under a disposition made by any person dying domiciled in Saorstát Eireann and purporting to operate as an immediate gift inter vivos whether by way of transfer, delivery, declaration of trust, or otherwise which shall not have been bona fide made at least three years before the death of the deceased, and any personal or moveable property situate out of Saorstát Eireann taken under any gift, whenever made, by any person dying domiciled in Saorstát Eireann of which bona fide possession and enjoyment shall not have been assumed by the donee immediately upon the gift and thenceforward retained to the entire exclusion of the donor or of any benefit to him by contract or otherwise.”

(2) In the case of property passing on the death of a person dying on or after the 1st day of April, 1924, sub-section (2) of section 2 of the Finance Act, 1894, shall be read as if there were inserted therein immediately after the word “property” the words “(other than the property referred to in paragraph (e) of sub-section (1) of this section)” and as if there were added thereto immediately after the word “passes” the words “or but for the provisions of section 38 of the Stamp Duties (Ireland) Act, 1842, or of section 18 of the Succession Duty Act, 1853.”

Estate duty on settled property situate out of Saorstát Eireann.

33. —Where in the case of persons dying on or after the 1st day of April, 1924, property situate out of Saorstát Eireann is bequeathed to or settled on different persons in succession, and legacy duty or succession duty has, whether before or after the commencement of this Act, been paid thereon, such duty shall, for the purposes of sub-section (2) of Section 2 of the Finance Act, 1894 (which provides that property situate out of Saorstát Eireann shall be deemed to be included in property passing on the death of the deceased only if legacy or succession duty is payable in respect thereof, or would be so payable but for the relationship of the person to whom it passes) be deemed to be payable in respect of the property on the death of each of those persons in succession notwithstanding that the whole amount of the duty was paid on one death only, as in the case of a legacy to one person.

Repeal of enactments in Third Schedule.

34. —The several enactments mentioned in the Third Schedule to this Act (which enactments relate to the death duties on property passing on the deaths of certain British sailors and soldiers and certain other British subjects) shall, to the extent mentioned in the third column of the said Schedule, not apply to property passing on the death of any person dying on or after the 1st day of April, 1924, and are hereby repealed accordingly.