The Gazette 1985

GAZETTE

SEPTEMBER 1985

17. The recipient would be the 'donee or successor' within Section 19 CA TA 1976. 18. Sections 110-112, TA 1984. An excellent discussion of the new computational rules is contained in "Capital Acquisitions Tax — Practical and New Computational Aspects" by D.A. Mealy and John Quinlan, a lecture given to the Institute of Taxation on 22 October 1984. 19. Paragraph 3 Part I, Second Schedule, CA TA 1976, as amended bv Section I 11, TA 1984. 20. Section 61 sub-sections (3) and (4), FA 1985. 21. Section 61(2), FA 1985. 22. For example, if a person aged 55 gifts Ii is life interest in property worth £100,000 to a remainderman, the ineumbranee-free value is reduced by the relevant factor from the First Schedule for a man of 55, which is 0.6598. The taxable value is therefore £65,980(£100,000 x 0.6598). If the man was aged 60. the factor would be 0.5809. and the taxable value would be £58,090 (100,000 x 0.5809). 23. Thus, the value of a remainder interest in property worth £100,000 held by a male life tenant aged 55 would be £ 100.000 — (£ 100,000 x 0.6598) = £34,020, or aged 60 £100,000 — (£100,000 x 0.5809) = £41,910. 24. For example, if S settled a farm on LT for life with remainder to R, subject to the condition that if LT married he should take the farm absolutely and LT later married. LT would then be taxed on the full value of the land on that event and the tax paid earlier on the taking of a life interest would be recalculated on the basis that LT took the farm for a fixed period up to the falling in of the life interest. This can cause hardship in certain circumstances. See 'Capital Acquisitions Tax'(Institute of Taxation), Finance Act 1984 edition, by Norman Bale and John Condon at pp.119-123. The relief contained in Section 61, FA 1985 does not apply to such a situation. 25. For example, the cesser of a right of residence. •

M I C H A E L M AS L AW T E RM 1985

ANNUAL SERVICES

All m e mb e rs of the Legal P r o f e s s i on are invited to attend t h e M I C H A E L M A S L A W T E R M A N N U A L S E R V I C E S :—

on M O N D AY T H E 7th D AY O F O C T O B E R, 1985 at

St. M i c h a n 's Ch u r c h, H a l s t on Street, Du b l i n. St. M i c h a n 's C h u r c h, C h u r ch Street, Du b l i n.

at 10.00 a.m.

at 10.15 a.m.

and

T h e S y n a g o g u e, Terenure, D u b l in 6.

T h e S y n a g o g u e, Ad e l a i de R o a d,

DOCUMENT EXAMINATION LEGAL AID CASES UNDERTAKEN

a nd

D u b l in 2.

at 9 a.m. o n Saturday the 5th day of O c t o b e r, 1985

M. Ansell, M.A., 98 The Broadway. Heme Bay, Kent CT6 8EY, England. Tel. (02273) 67929 (24 hours)

A N D A F T E RWA R DS are invited by kind invitation o f the B E N C H E R S of the H o n o u r a b le S o c i e ty in K I N GS I N N S to c o f f ee at T H E I N N S at 11 o ' c l o ck on M o n d ay the 7th O c t o b e r, 1985.

Law Society Staff Tennis Tournament 1985 (I. to r.) Ms. Mairead Corcoran ( Professional Services Division ), Runner-up in the Ladies Singles Final, Ms. Pat Allison (President's Secretary ), winner of the Quinlan Cup for the Ladies Singles Final, Mr. Anthony Collins (President of the Law Society ), winner of the Men's Singles Final and Professor Laurence Sweeney (Director of Training ), Men's Singles Final Runner-up.