Finance Act, 1993

Acquisitions by relevant trusts.

110.—(1) Where, under or in consequence of any disposition, property becomes subject to a relevant trust on the death of a person dying after the date of the passing of this Act (in this section referred to as “the disponer”), the trust shall be deemed on the date of death of the disponer to become beneficially entitled in possession to an absolute interest in that property and to take an inheritance accordingly as if the trust, and the trustees as such for the time being of the trust, were together a person for the purposes of the Principal Act, and that date shall be the date of the inheritance.

(2) The provisions of subsection (1) shall not prejudice any charge for tax in respect of any inheritance affecting the same property or any part of it taken under the disposition referred to in subsection (1)

(a) by an object of the relevant trust referred to in subsection (1), or

(b) by a discretionary trust by virtue of section 106 (1) of the Finance Act, 1984 ,

and any such inheritance shall, except for the purposes of subsections (3) and (4) of section 55 of the Principal Act, be deemed to be taken after the inheritance referred to in subsection (1).

(3) Where, under the provisions of section 13 of the Act of 1965, the estate of a deceased person vests on the date of death of the deceased in the President of the High Court, then, for the purpose of subsection (1), the President of the High Court shall be deemed to hold that estate as a trustee in trust for the persons by law entitled thereto, and the estate of the deceased shall be deemed to be property which became subject to that trust on that date.

(4) The provisions of sections 10 and 13 of the Act of 1965, shall, for the purposes of subsection (1), be deemed to apply irrespective of the domicile of the deceased or the locality of the estate of the deceased.