asked the Minister for Finance what was the amount of money involved in each year up to 1960, inclusive, in securities which are exempt from estate duty under Section 21 of the Finance Act, 1956.
Ceisteanna—Questions. Oral Answers. - Securities Exempt from Estate Duty.
8.
Section 21 of the Finance Act, 1956, does not exempt securities from estate duty but provides that the value of any securities to which Section 7 of the Finance Act, 1932, applies, shall, for the purpose of assessment to Estate Duty, be taken to be two-thirds of their market value. (Section 7 of the Finance Act, 1932, provides for a 20 per cent. Income Tax abatement on dividends from investments by Irish residents in Irish industrial securities to which the section applies.)
Presumably, what the Deputy has in mind is the cost to the Exchequer of the relief applicable in respect of the securities concerned. Since the securities to which Section 21 of the Finance Act, 1956, applies are also securities to which Section 7 of the Finance Act, 1932, applies, relief from Income Tax is also involved as well as relief from Estate Duty. Particulars of the actual cost of the relief in each year are not available but it is estimated that in a full year the total cost to the Exchequer of the application of the provisions of these sections is about £220,000.