Finance Act, 1993


112.—The following property shall be exempt from tax (and shall not be taken into account in computing tax) in relation to a charge for tax arising by virtue of section 110

(a) any right to receive any benefit—

(i) under—

(A) any sponsored superannuation scheme within the meaning of section 235 (9) of the Income Tax Act, 1967 , but excluding any scheme or arrangement which relates to matters other than service in particular offices or employments, or

(B) a trust scheme or part of a trust scheme approved under the said section 235 or section 235A of the said Act;


(ii) under any scheme for the provision of superannuation benefits on retirement established by or under any enactment; or

(iii) under a contract approved by the Commissioners for the purposes of granting relief for the purposes of section 236 of the Income Tax Act, 1967 , in respect of the premiums payable in respect thereof;

(b) property given by the will of the deceased for public or charitable purposes to the extent that the Commissioners are satisfied that it has been, or will be, applied to purposes which, in accordance with the law of the State, are public or charitable;

(c) the dwelling-house, in a case where the deceased is survived by his spouse;

(d) in the case where the deceased is not survived by his spouse, the dwelling-house comprised in an inheritance which, on the date of death of the deceased, is taken under the will or other testamentary disposition or under the intestacy of the deceased, by a person who was on that date a dependent child of the deceased or a dependent relative of the deceased and whose place of normal residence was at that date the dwelling-house:

Provided that—

(i) the total income from all sources of that dependent child or that dependent relative, for income tax purposes, in the year of assessment ending on the 5th day of April next before that date, did not exceed the “specified amount” referred to in subsection (1A) of section 142 of the Income Tax Act, 1967 ,

(ii) the amount of the exemption shall (subject, with any necessary modifications, to the provisions of section 18 (4) (a) of the Principal Act in the case of a limited interest, and to the provisions of section 20 of that Act in the case of a contingency) be the whole or, as the case may be, the appropriate part (within the meaning of section 5 (5) of the Principal Act) of the net market value of the dwelling-house, and

(iii) the amount of the exemption shall not be reduced by virtue of the provisions of section 20 of the Principal Act where an entitlement ceasing within the meaning of that section ceases because of an enlargement of that entitlement.