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16 1981



Capital Acquisitions Tax

Relief in respect of certain marriage settlements.

46. —(1) Part 1 of the Second Schedule to the Capital Acquisitions Tax Act, 1976 , is hereby amended by the insertion after paragraph 9 of the following paragraph:

“10. (a) In this paragraph ‘specified disposition’ means a disposition—

(i) the date of which is a date prior to the 1st day of April, 1975,

(ii) in relation to which the disponer is a grandparent of the donee or successor, and

(iii) in which the marriage of the parents of the donee or successor was, at the date of the disposition, expressed to be the consideration.

(b) Where, on the cesser of a limited interest to which a parent of the donee or successor was entitled in possession, the donee or successor takes a gift or an inheritance under a specified disposition, then, for the purpose of computing the tax payable on the gift or inheritance, the donee or successor shall be deemed to bear to the disponer the relationship of a child.”.

(2) Notwithstanding the provisions of section 46 of the Capital Acquisitions Tax Act, 1976 , interest shall not be payable on any repayment of tax which arises by virtue of this section where such tax was paid prior to the date of the passing of this Act.