asked the Minister for Finance if he will state particulars, including the amount outstanding on the last convenient date and the final date of redemption, of all stocks which are exempt from death duties if in the beneficial ownership of a person neither domiciled nor resident in Ireland.
Ceisteanna—Questions. Oral Answers. - Stocks Exempt from Death Duties.
40.
As the reply contains a tabular statement I propose, with your permission, a Cheann Comhairle, to have it circulated with the Official Report.
Following is the reply:
|
Stock |
Amount outstanding at 31 March, 1965 |
Final Redemption date |
|
£ |
||
|
3½% Fourth National Loan, 1950-70 |
3,308,331 |
1 August, 1970 |
|
3% Exchequer Bonds, 1965-70 |
17,205,728 |
1 October, 1970 |
|
3½% Exchequer Bonds, 1965-70 |
22,657,969 |
15 July, 1970 |
|
5% National Loan, 1962-72 |
16,414,800 |
15 September, 1972 |
|
4½% National Loan, 1973-78 |
18,990,394 |
1 September, 1978 |
|
4¼% National Loan, 1975-80 |
17,204,020 |
1 November, 1980 |
|
5% National Savings Bonds, 1971-81 |
16,232,700 |
15 February, 1981 |
|
5½% National Loan, 1966 |
5,730,240 |
15 December, 1966 |
|
6% National Loan, 1967 |
17,887,387 |
15 December, 1967 |
|
5½% Exchequer Stock, 1971-74 |
14,182,865 |
15 October, 1974 |
|
5¼% National Development Loan, 1979-84 |
17,972,346 |
15 November, 1984 |
|
6% Exchequer Stock, 1980-85 |
37,554,581 |
1 December, 1985 |
|
5¾% National Loan, 1982-87 |
23,748,600 |
15 October, 1987 |
|
4½% Exchequer Stock, 1968 |
15,000,000 |
31 March, 1968 |
|
5¾% Exchequer Stock, 1984-89 |
24,331,000 |
1 November, 1989 |
|
6% Exchequer Loan, 1985-90 |
22,480,300 |
15 November, 1990 |
|
6% Funding Loan, 1969 |
25,000,000 |
30 September, 1969 |
|
The Agricultural Credit Corporation, Ltd. |
(loan issued 30 September, 1965) |
|
|
3% State-Guaranteed Mortgage Stock, 1957-67 |
1,000,000 |
1 September, 1967 |
|
3½% State-Guaranteed Mortgage Stock, 1966-76 |
500,000 |
1 September, 1976 |
|
4% State-Guaranteed Mortgage Stock, 1962-65 |
200,000 |
1 November, 1965 |
|
5% Transport Stock, 1970-75 |
3,000,000 |
30 June, 1975 |
|
6% Transport Stock, 1977-82 |
2,000,000 |
30 June, 1982 |
|
Electricity Supply Board: |
||
|
5% Stock, 1966-75 |
7,614,300 |
30 September, 1975 |
|
6% Stock, 1968-78 |
4,438,157 |
1 July, 1978 |
|
6% Development Stock, 1982-87 |
11,663,200 |
1 July, 1987 |
|
6% Stock, 1984-89 |
16,012,100 |
1 July, 1989 |
|
Bord na Móna 6% Stock, 1984-89 |
1,964,000 |
1 July, 1989 |
|
Cork Corporation, 5% Redeemable Stock, 1970-80 |
1,489,726(at 13 October, 1965) |
1 November, 1980 |
|
Dublin Corporation: |
||
|
5% Redeemable Stock, 1974-79 |
5,295,940(at 13 October, 1965) |
1 July, 1979 |
|
6% Redeemable Stock, 1975-80 |
7,980,000(at 13 October, 1965) |
1 January, 1980 |
41.
asked the Minister for Finance what stocks are accepted for death duties and under what conditions.
As the reply contains a tabular statement, I propose, with your permission, a Cheann 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 Loan, 1985-1990 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 |
|
4¼% 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 |
|
5¾% National Loan, 1982-1987 |
No. 45 of 1963 |
|
4½% Exchequer Stock, 1968 |
No. 20 of 1964 |
|
5¾% Exchequer Stock, 1984-1989 |
No. 21 of 1964 |
|
6% Exchequer Loan, 1985-1990 |
No. 62 of 1965 |