Skip to main content
Normal View

Dáil Éireann debate -
Wednesday, 7 May 1941

Vol. 83 No. 1

Financial Resolutions. - Resolution No. 20—Estate Duty.

I move:—

(1) That the creation (whether before or after the passing of this Resolution) by a person or with his consent of a debt or other right enforceable against him personally or against property which he is or may become competent to dispose of, charge, or burden for his own benefit shall be deemed for the purposes of the enactments relating to estate duty (including any such enactment enacted during the present financial year) to be a disposition made by that person, and in every such enactment the word "property" shall, in relation to any such disposition, be construed as including the debt or right so created.

(2) That the extinguishment (whether before or after the passing of this Resolution) at the expense of a person of a debt or other right shall be deemed for the purposes of the enactments relating to estate duty (including any such enactment enacted during the present financial year) to be a disposition made by that person in favour of the person for whose benefit the said debt or right is so extinguished, and in every such enactment the word "property" shall be construed as including the benefit conferred by the extinguishment of the said debt or right.

(3) That the proviso to Section 4 of the Finance Act, 1894, (which excepts from aggregation property in which the deceased never had an interest) shall not have effect in relation to property passing on the death of the deceased which consists of a debt, right, or benefit which is, by virtue of this Resolution, to be included in the connotation of the word "property" in the enactments (including as hereinbefore mentioned) relating to estate duty.

(4) That in this Resolution the word "disposition" includes any trust, covenant, agreement, or arrangement, whether effected by a single operation or by two or more operations.

(5) That this Resolution shall have effect only in relation to persons dying after the 7th day of May, 1941.

Question put and agreed to.
Top
Share