asked the Minister for Finance what securities are at present accepted at the nominal value thereof for death duties; and what conditions govern such acceptance.
Ceisteanna—Questions. Oral Answers. - Securities Accepted for Death Duties.
52.
As the reply contains a tabular statement, I propose, with the permission of the Ceann Comhairle, to have it circulated with the Official Report.
Following is the reply:
The prospectuses of certain National Loans contain an undertaking regarding the acceptance of the relevant securities at face value in payment of Death Duties. The undertaking (which is in similar terms in each of the prospectuses) given in the prospectus of the 6 per cent. Exchequer Stock, 1980-85 is as follows:
"Stock of this issue will be accepted, at its face value, with due allowance for any unpaid interest accrued thereon, as the equivalent of cash in satisfaction of Death Duties payable in respect of any property, provided it has formed part of that property continuously up to the date of death from the date of the original subscription or for a period of not less than three months immediately preceding the date of death."
Effect is given to the undertakings under the provisions of Section 16 of the Finance Act, 1953 (which is concerned with the 5 per cent. National Loan, 1962-72) and Section 22 of the Finance Act, 1954 (which applies to the 4½ per cent. National Loan, 1973-78 and subsequent loans). The sections provide for the making of regulations by the Minister for Finance prescribing the conditions under which the relevant securities may be accepted in payment of Death Duties.
The National Loans, the prospectuses of which contain an undertaking in the terms referred to, are listed in the following table together with the statutory reference numbers of the appropriate regulations:
|
Loan |
S.I. number of regulations prescribing the conditions for acceptance of the security in payment of Death Duties. |
|
5% National Loan, 1962-72 |
No. 15 of 1954 |
|
4½% National Loan, 1973-78 |
No. 146 of 1954 |
|
4½% National Loan, 1975-80 |
No. 7 of 1955 |
|
5% National Savings Bonds, 1971-81 |
No. 155 of 1956 |
|
5½% National Loan, 1966 |
No. 38 of 1957 |
|
6% National Loan, 1967 |
No. 108 of 1958 |
|
5½% Exchequer Stock, 1971-74 |
No. 74 of 1959 |
|
5¼% National Development Loan, 1979-84 |
No. 87 of 1960 |
|
6% Exchequer Stock, 1980-85 |
No. 25 of 1961 |