|
|
Free use of property, free loans, etc.
|
31.—(1) A person shall be deemed to take a gift in each relevant period during the whole or part of which he is allowed to have the use, occupation or enjoyment of any property (to which property he is not beneficially entitled in possession) otherwise than for full consideration in money or money's worth.
|
|
| |
(2) In subsections (1) and (4), “relevant period”, in relation to any use, occupation or enjoyment of property, means the period from the 28th day of February, 1974, to the 31st day of December, 1974, and thereafter the period of twelve months ending on the 31st day of December in each year.
|
|
| |
(3) A gift referred to in subsection (1) shall be deemed to consist of a sum equal to the difference between the amount of any consideration in money or money's worth, given by the person referred to in subsection (1) for such use, occupation or enjoyment, and the best price obtainable in the open market for such use, occupation or enjoyment.
|
|
| |
(4) A gift referred to in subsection (1) shall be treated as being taken at the end of the relevant period or, if earlier, immediately prior to the time when the use, occupation or enjoyment referred to in subsection (1) comes to an end.
|
|
| |
(5) In any case where the use, occupation or enjoyment of property is allowed to a person, not being beneficially entitled in possession to that property, under a disposition—
|
|
| |
(a) made by will;
|
|
| |
(b) where the date of the disposition is on or after the 1st day of April, 1975, and within two years prior to the death of the disponer; or
|
|
| |
(c) which is a disposition inter vivos and the use, occupation or enjoyment is had by that person after the cesser of another person's life interest,
|
|
| |
subsections (1), (3) and (4) shall have effect in relation to that property as if a reference to an inheritance were substituted for the reference to a gift wherever it occurs in those subsections, and for the purpose of this subsection “relevant period” in subsections (1) and (4), in relation to the use, occupation or enjoyment of property, means the period of nine months ending on the 31st day of December, 1975, and thereafter the period of twelve months ending on the 31st day of December in any year.
|
|
| |
(6) For the purposes of sections 6 (1) (c) and 12 (1) (b), the sum referred to in subsection (3) shall be deemed not to be situate in the State at the date of the gift or at the date of the inheritance.
|
