asked the Minister for Finance why a person (name supplied) has been assessed for succession duty by the Revenue Commissioners and has paid part of it although the value of his lands and contents was assessed by the Revenue Commissioners at less than £1,900, in view of the fact that persons with property of £2,000 value or less are free from any of these charges.
Ceisteanna—Questions. Oral Answers. - Succession Duty Assessment.
60.
I assume that the exemption limit referred to by the Deputy is the general exemption limit from estate duty and legacy and succession duties which originally applied to estates up to £2,000. This figure was raised, in 1960, to £5,000 and raised again this year to £7,500.
The exemption does not apply in the case of settled property unless such property were derived from the deceased. In the case referred to by the Deputy, the property passing was settled property in which the deceased had a life interest only. One-fifth of the settled property was derived by the successors from the deceased and was exempted from death duties. The remaining four-fifths was derived from the successors' uncle and aunts and, as such, was chargeable to succession duty.