Finance Act, 1985
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Amendment of section 108 (exemptions) of Finance Act, 1984. |
65.— Section 108 of the Finance Act, 1984 , shall have effect, and shall be deemed always to have had effect, as if the following subsection were added thereto: | |
“(2) Section 106 shall not apply or have effect— | ||
(a) in relation to a discretionary trust in respect of the property subject to or becoming subject to the trust which, on the termination of the trust, is comprised in a gift or an inheritance taken by the State; or | ||
(b) in respect of an inheritance which, apart from this subsection, would be deemed, by the combined effect of section 31 of the Principal Act and section 106, to be taken by a discretionary trust.”. |