The Gazette 1964/67

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. 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 FINANCE ACT, 1965 Part I.

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,