asked the Minister for Finance (a) those securities which are at present exempt from death duties in the event of the person, on whose death there is deemed to be a passing, being the beneficial owner and neither domiciled nor resident in Ireland, (b) the statutory basis for such exemption, and (c) whether any statutory or other regulation has been made in respect of any such stock and, if so, when.
Ceisteanna—Questions. Oral Answers. - Securities Exempt from Death Duties.
26.
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 information requested at (a) and (b) of the Question is given in the following table:
|
STOCK |
Statutory provisions regarding exemption. |
|
3½% Fourth National Loan, 1950-70 |
Section 21 (1) of the Finance Act, 1923. |
|
3% Exchequer Bonds, 1965-70 |
|
|
3½% Exchequer Bonds, 1965-70 |
|
|
5% National Loan, 1962-72 |
|
|
4½% National Loan, 1973-78 |
|
|
4¼% National Loan, 1975-80 |
|
|
5% National Savings Bonds, 1971-81 |
|
|
5½% National Loan, 1966 |
|
|
6% National Loan, 1967 |
|
|
5½% Exchequer Stock, 1971-74 |
|
|
5¼% National Development Loan, 1979-84 |
|
|
6% Exchequer Stock, 1980-85 |
|
|
The Agricultural Credit Corporation, Ltd. |
|
|
3% State-Guaranteed Mortgage Stock, 1957-67 |
Section 37 (1) of the Finance Act, 1929. |
|
3½% State-Guaranteed Mortgage Stock, 1966-76 |
|
|
4% State-Guaranteed Mortgage Stock, 1962-65 |
|
|
5% Transport Stock, 1970-75 |
Section 34 of the Finance Act, 1956. |
|
Electricity Supply Board 5% Stock, 1966-75 |
|
|
Electricity Supply Board 6% Stock, 1968-78 |
|
|
Cork Corporation 5% Redeemable Stock, 1970-80 |
|
|
Dublin Corporation 5% Redeemable Stock, 1974-79 |
The statutory provisions regarding exemption are supplemented by Section 12 of the Finance Act, 1951, which was enacted to remove a doubt as to the basis of exemption where stocks pass on the death of a person who had only a limited interest therein.
As regards (c) of the Question the prospectuses of the various issues listed contain a statement to the effect that the stock and interest thereon will be exempt from all taxation, present or future, if it is shown in the manner directed by the Minister for Finance that the stock is in the beneficial ownership of a person who is neither domiciled nor ordinarily resident in the State. The manner in which a claim to relief should be made and proved was prescribed in 1930 by the Minister for Finance as follows:—
(1) A claim to relief is to be made in writing to and proved to the satisfaction of the Revenue Commissioners.
(2) The Revenue Commissioners may require such information by affidavit or otherwise, and such evidence as they consider necessary for the proper determination of the claim.
(3) The decision of the Revenue Commissioners shall be notified by them in writing to the person making the claim at the address from which he made the claim or at such other address as he may require.