S.I. No. 155/1956:

DEATH DUTIES (PAYMENT IN BONDS OF THE 5% NATIONAL SAVINGS BONDS, 1971/81) REGULATIONS, 1956.

DEATH DUTIES (PAYMENT IN BONDS OF THE 5% NATIONAL SAVINGS BONDS, 1971/81) REGULATIONS, 1956.

I, GERARD SWEETMAN, Minister for Finance, in exercise of the powers conferred on me by subsection (5) of section 22 of the Finance Act, 1954 (No. 22 of 1954), and of every and any other power me in this behalf enabling, hereby make the following regulations :

1. These Regulations may be cited as the Death Duties (Payment in Bonds of the 5% National Savings Bonds, 1971/81) Regulations, 1956.

2. Bonds (in these Regulations referred to as the Bonds) of the 5% National Savings Bonds, 1971/81 shall be accepted in payment of any death duty subject to the following conditions :

(a) the Bonds shall only be accepted in payment or in part payment (as the case may be) of any death duty on the property passing under the will or intestacy of a deceased person if it is shown to the satisfaction of the Revenue Commissioners that the Bonds formed part of that property at his death and that he had been the beneficial owner of the Bonds continuously from the date of the original subscription in respect thereof up to the date of his death or continuously for a period of not less than three months immediately preceding the date of his death ;

(b) the Bonds shall only be accepted in payment or in part payment (as the case may be) of any death duty on property passing or deemed to pass on the death of a deceased person under a title other than his will or intestacy if it is shown to the satisfaction of the Revenue Commissioners that the Bonds formed part of the property passing or deemed to pass under that title and had formed part thereof continuously from the date of the original subscription in respect of the Bonds up to the date of his death or continuously for a period of not less than three months immediately preceding the date of his death.

3. In any case in which it is desired to pay any sum on account of any death duty by means of the transfer of the Bonds in pursuance of these Regulations, application should be made to the Revenue Commissioners. The application should be addressed to the Secretary, Revenue Commissioners (Estate Duty Branch), Dublin, and should specify the amount of the Bonds tendered, whether transferable by deed or not ; whether the holding is subject to any lien or charge whatsoever and whether it is under the applicant's control and, if not, under whose control it is.

4. The Revenue Commissioners shall arrange with the applicant the procedure to be followed in each particular case for the transfer of the Bonds.

5. The value of the Bonds tendered, calculated in accordance with paragraph (a) of subsection (3) of section 22 of the Finance Act, 1954 , shall not exceed the amount of the duty payable.

6. In all cases, the Bonds shall be accepted subject to such verification as may be necessary, and subject to an undertaking to the Revenue Commissioners that all steps necessary to complete the transfer will be taken by or on behalf of the applicant, and the Revenue Commissioners may require such security as they think fit to be given for the completion of the transfer.

7. The Revenue Commissioners shall forward to the Bank of Ireland particulars of any holding of the Bonds which has been tendered to them under these Regulations, and the Bank of Ireland shall be and is hereby authorised to decline to permit any dealing with, or accept any direction with regard to, such holding except upon the instructions of the Revenue Commissioners.

8. For the purposes of subsection (1) of section 22 of the Finance Act, 1954 , the prescribed account of the Minister for Finance shall be the account entitled " Account of the Minister for Finance--Stock accepted in payment of Death Duties."

GIVEN under my Official Seal, this 28th day of June, 1956.

GERARD SWEETMAN,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations prescribe the conditions under which 5% National Savings Bonds, 1971/1981 may be accepted in payment of any death duty.