PART III.

Death Duties.

28. —Where an annuity or other interest is purchased or provided by a person (in this section referred to as the deceased), either by himself alone or in concert or by arrangement with any other person, the extent of the beneficial interest in such annuity or other interest on the death of the deceased shall, where the deceased dies on or after the date of the passing of this Act, be ascertained, for the purposes of paragraph (d) of sub-section (1) of section 2 of the Finance Act, 1894, without regard to any expectant interest which the person who so becomes entitled to such beneficial interest on such death may have had in such annuity or other interest before such death.

29. —(1) For the purposes of the construction and application of section 26 of the Finance Act, 1931 (No. 31 of 1931), as amended by this Act, in and to the case of a person (in this section referred to as the deceased) dying on or after the date of the passing of this Act, property which is, by virtue of sub-section (1) of the said section 26 as so amended, deemed for the purposes of estate duty to pass on the death of the deceased, shall include property complying with all the following conditions, that is to say:—

(a) the deceased had an estate or interest in such property limited to cease at his death, and

(b) another person had an estate or interest in such property limited to arise or to come into possession on the death of the deceased and to cease on the death of such other person or on the happening of any other event, and

(c) the said estate or interest of the deceased and the said estate or interest of such other person were transferred (whether before or after the passing of this Act, and whether directly or indirectly, and whether by one or more transactions, and whether in respect of the whole or of part only of such property) by the deceased and such other person to or for the benefit of a company to which the said section 26 as so amended applies, and

(d) none of the several paragraphs (a), (b), (c), and (d) of sub-section (1) of the said section 26 as so amended applies in the circumstances of the case.

(2) So much of sub-section (4) of section 26 of the Finance Act, 1931 , as requires the duty or any part thereof to be repaid by the company to the executor shall not apply where property is, by virtue only of the extension of the said section 26 indicated in the foregoing sub-section of this section, deemed for the purposes of estate duty to pass on the death.

30. — Section 26 of the Finance Act, 1931 (No. 31 of 1931), shall, in the case of a person dying on or after the date of the passing of this Act, be amended as follows and shall be construed and have effect accordingly, that is to say:—

(a) paragraph (c) of sub-section (1) of the said section shall be amended by the deletion therefrom of the words “by such company,” and

(b) sub-paragraph (iii) of paragraph (d) of sub-section (1) of the said section shall be amended by the deletion therefrom of the words “from the company,” and the insertion therein of the words “arising out of or in any way connected with the transfer” in lieu of the said words so deleted.

31. —(1) The second proviso to section 38 of the Stamp Duties (Ireland) Act, 1842, shall cease to have effect as respects legacies to which the legatee becomes beneficially entitled in possession on or with reference to the death of a person dying on or after the date of the passing of this Act.

(2) For the purposes of section 18 of the Succession Duty Act, 1853, the expression “Legacy Duty Acts” where it firstly occurs in that section shall, in the case of a person dying on or after the date of the passing of this Act, be deemed to include this Act, and the said section 18 shall be construed and have effect accordingly.

32. —(1) Where the Revenue Commissioners are satisfied that the whole of a legacy which is given for charitable purposes and becomes applicable to those purposes on or with reference to the death of a person dying after the passing of this Act has been or will be applied to charitable purposes in Ireland, such legacy shall be wholly exempt from legacy duty.

(2) Where the Revenue Commissioners are satisfied that a portion of a legacy which is given for charitable purposes and becomes applicable to those purposes on or with reference to the death of a person dying after the passing of this Act has been or will be applied to charitable purposes in Ireland, the said portion of such legacy shall be exempt from legacy duty.

(3) Any succession or part of a succession which, if it were a legacy or a part of a legacy given by the will of the predecessor, would be exempt under this section from legacy duty, shall be exempt from succession duty.

33. —(1) Section 1 of the Probate Duty Act, 1861, shall be construed and have effect as if the words “where there shall be no notice of disputing the liability to such assessment” now contained therein were omitted therefrom.

(2) The provisions of the said section 1 of the Probate Duty Act, 1861 (as amended by this section), relating to the recovery of assessed succession duty shall apply to the recovery of assessed legacy duty, and the provisions of the said section 1 (as so amended) extending proceedings for delivery of accounts under the Legacy Duty Acts to the payment of the duty shall apply to and effect a similar extension of proceedings for delivery of accounts under the Succession Duty Act, 1853.

(3) As from the passing of this Act, this section shall be deemed to be part of the existing law and practice mentioned in sub-section (1) of section 8 of the Finance Act, 1894, and the said sub-section shall be construed and have effect and this section shall apply accordingly.