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shall be amended by the insertion of the following
clause immediately after the definition of the term
"Accountant".
"Bank" means any of the banks mentioned in the
Schedule hereto.
(2) The following Schedule is hereby inserted
after regulation 16 of the Principal Regulations.
SCHEDULE
The Bank of Ireland.
The National City Bank
Guinness and Mahon
Ltd.
The Hibernian Bank
The Northern Bank Ltd.
Ltd.
The Provincial Bank of
The Munster and
Ireland Ltd.
Leinster Bank Ltd.
The Royal Bank of Ireland
The National Bank Ltd.
Ltd.
The Ulster Bank Ltd.
Signed on behalf of the Incorporated Law Society
of Ireland this zznd day of July, 1965.
JOHN MAKER,
President of the Incorporated Law
Society of Ireland.
I concur in the making of the
above Regulations.
CAHIR DAVITT,
President of the High Court.
EXPLANATORY NOTE
The term "bank" is not defined in the Solicitors
Acts 1954-60 or in the Solicitors' Accounts Regula
tions 1954-61. As defined in these regulations it will
mean any of the associated banks named by the
Central Bank Act 1942
together with Messrs.
Guinness and Mahon and the National City Bank
Ltd.
FINANCE ACT, 1965
Part I.
Income Tax.
It is proposed in section 3 to repeal the provisions
in sections 162 and 189 of this Income Tax Act 1918
for distraint over the goods of subsequent occupier
of lands for tax due by a predecessor and con
sequently the necessity for section 6 certificates will
cease.
Part III. Death Duties.
Section
20 deals with dispositions in favour of
certain companies. In the case of a company con
trolled by a deceased person as. defined in the section a
disposition of property in favour of the company
16
by the deceased, either before or after the passing
of the Act, is to be deemed to be property taken by
the company under a disposition operating as an
immediate gift inter vivos and any consideration
received by the deceased therefore shall not be
treated as consideration for the purpose of sections
3 or 7(1) of the Finance Act 1894. Where the con
sideration received by the deceased for such a
disposition made within five years of his death or
property representing such consideration is liable
to estate duty on his death the value of the consider
ation or the property representing it on which estate
duty is payable is to be deducted for the purpose of
calculating estate duty on the property the subject
of the disposition in favour of the deceased-
controlled company.
By subsection (4) a disposition made before or
after the passing of the Act in favour of a deceased-
controlled company will be liable for duty where
the deceased was at any time within five years before
his death in receipt or enjoyment of income or
benefits from the company other than dividends or
interest on stocks, shares or debentures as property
in which he deceased had an interest ceasing on his
death within the meaning of section 2(1) (b) of the
Finance Act 1894.
Subsection (5) deals with the value for the purpose
of death duty of stock, shares, debentures or
securities
in
a non-trading deceased-controlled
company.
Subsection (6) deals with the value for death duty
purposes of shares in a company controlled by the
deceased and relatives of the deceased or any one or
more of them.
Subsection (7) deals with value for death duty
purposes of a debt due to the deceased by a deceased-
controlled company.
Subsection (8) deals with a disposition for the
benefit of a relative of the deceased made by a
deceased-controlled company where at any time
within one year prior thereto the deceased alone
had control of the company.
Section zi
deals with discretionary trusts and aims
at preventing avoidance of death duties by means of
this device by providing that where one or more of
a class of person the objects of the discretionary
trust dies during its continuance and after the passing
of the Act he shall be deemed to have had an interest
limited to cease on his death in the property to the
extent of the average annual amount of the aggregate
payments made to him out of capital or income
during the relevant period as defined in the section.
This section appears to embrace a discretionary trust
whenever created before or after the passing of the
Act.
Section
22 amends section 2 (2) of the Finance Act,