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GAZETTE
SEPTEMBER 1985
17. The recipient would be the 'donee or successor' within Section 19
CA TA 1976.
18. Sections 110-112, TA 1984. An excellent discussion of the new
computational rules is contained in "Capital Acquisitions Tax —
Practical and New Computational Aspects" by D.A. Mealy and
John Quinlan, a lecture given to the Institute of Taxation on 22
October 1984.
19. Paragraph 3 Part I, Second Schedule, CA TA 1976, as amended bv
Section I 11, TA 1984.
20. Section 61 sub-sections (3) and (4), FA 1985.
21. Section 61(2), FA 1985.
22. For example, if a person aged 55 gifts Ii is life interest in property
worth £100,000 to a remainderman, the ineumbranee-free value is
reduced by the relevant factor from the First Schedule for a man of
55, which is 0.6598. The taxable value is therefore £65,980(£100,000
x 0.6598). If the man was aged 60. the factor would be 0.5809. and the
taxable value would be £58,090 (100,000 x 0.5809).
23. Thus, the value of a remainder interest in property worth £100,000
held by a male life tenant aged 55 would be £ 100.000 — (£ 100,000 x
0.6598) = £34,020, or aged 60 £100,000 — (£100,000 x 0.5809) =
£41,910.
24. For example, if S settled a farm on LT for life with remainder to R,
subject to the condition that if LT married he should take the farm
absolutely and LT later married. LT would then be taxed on the full
value of the land on that event and the tax paid earlier on the taking
of a life interest would be recalculated on the basis that LT took the
farm for a fixed period up to the falling in of the life interest. This can
cause hardship in certain circumstances. See 'Capital Acquisitions
Tax'(Institute of Taxation), Finance Act 1984 edition, by Norman
Bale and John Condon at pp.119-123. The relief contained in
Section 61, FA 1985 does not apply to such a situation.
25. For example, the cesser of a right of residence. •
DOCUMENT EXAMINATION
LEGAL AID CASES UNDERTAKEN
M. Ansell, M.A.,
98 The Broadway.
Heme Bay, Kent CT6 8EY,
England.
Tel. (02273) 67929 (24 hours)
M I C H A E L M AS L AW T E RM 1985
ANNUAL SERVICES
All m e mb e rs of the Legal P r o f e s s i on are invited to attend
t h e
M I C H A E L M A S
L A W
T E R M
A N N U A L
S E R V I C E S :—
on
M O N D AY T H E
7th
D AY O F O C T O B E R,
1985
at
St. M i c h a n 's Ch u r c h,
H a l s t on Street,
Du b l i n.
St. M i c h a n 's C h u r c h,
C h u r ch Street,
Du b l i n.
and
T h e S y n a g o g u e,
Ad e l a i de R o a d,
a nd
D u b l in 2.
at 10.00 a.m.
at 10.15 a.m.
T h e S y n a g o g u e,
Terenure,
D u b l in 6.
at 9 a.m. o n Saturday the 5th day of O c t o b e r, 1985
A N D A F T E RWA R DS are invited by kind invitation o f the
B E N C H E R S of the H o n o u r a b le S o c i e ty in K I N GS I N N S
to c o f f ee at T H E I N N S at 11 o ' c l o ck on M o n d ay the 7th
O c t o b e r, 1985.
Law Society Staff Tennis Tournament 1985
(I. to r.) Ms. Mairead Corcoran (
Professional Services Division
), Runner-up in the Ladies Singles Final, Ms. Pat Allison
(President's Secretary
), winner of the Quinlan Cup for the Ladies Singles Final, Mr. Anthony Collins
(President of the Law
Society
), winner of the Men's Singles Final and Professor Laurence Sweeney
(Director of Training
), Men's Singles Final
Runner-up.