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(b) in the case where the successor (not being a successor in relation to a charge for tax arising by virtue of sections 15(1) and 20(1)) is resident or ordinarily resident in the State at the date of the inheritance, the whole of the inheritance, and

In relation to a charge for tax arising by reason of section 15—

(1) Section 15 shall not apply in relation to a discretionary trust which is shown to the satisfaction of the Commissioners to have been created exclusively—

(2) Section 15 shall not apply—

(b) in respect of an inheritance which, apart from this subsection, would be deemed, by the combined effect of section 15 and section 40, to be taken by a discretionary trust.

“relevant inheritance” means an inheritance which, by virtue of section 15(1), is deemed to be taken by a discretionary trust;

(2) Subject to subsection (3), the tax chargeable on the taxable value of a taxable inheritance which is charged to tax by reason of section 15 is computed at the rate of 6 per cent of such taxable value.

(4) This section shall not apply in relation to property which is subject to a chargeable discretionary trust on a chargeable date if that property or property representing that property is subject to a charge for tax arising under or in consequence of the same disposition by reason of section 15, or that provision of the repealed enactments which corresponds with section 15, on that same date or within the year prior to that date.

(4) This section shall not apply in relation to property which is subject to a chargeable discretionary trust on a chargeable date if that property or property representing that property is subject to a charge for tax arising under or in consequence of the same disposition by reason of section 15, or that provision of the repealed enactments which corresponds with section 15, on that same date or within the year prior to that date.

(I) a charge for tax arises on a particular date by reason of section 15 or section 118 (in so far as that section relates to a provision repealed by this Act that corresponds to section 15), giving rise to a taxable inheritance (in this sub-paragraph referred to as the ‘first taxable inheritance’),

(I) a charge for tax arises on a particular date by reason of section 15 or section 118 (in so far as that section relates to a provision repealed by this Act that corresponds to section 15), giving rise to a taxable inheritance (in this sub-paragraph referred to as the ‘first taxable inheritance’),

(1C) Where the grant of a general power of appointment in or over property to any person forms part of an arrangement the main purpose or one of the main purposes of which is the avoidance of a charge to tax arising under sections 15(1) or 20(1), the grant of that general power of appointment shall not prejudice any such charge to tax.

(11) Where related shares are subject to a discretionary trust immediately after an arrangement is made in accordance with the provisions of this section, the amount by which the market value of such shares is increased by such arrangement is property for the purposes of a charge for tax arising by reason of section 15.

(2A) For the purposes of subsection (2) (other than in the case of an inheritance to which section 15 or 20 applies), where the relevant date occurs—

(2C) In the case of inheritances referred to in sections 15(1) and 20(1), returns shall be delivered and tax shall be paid within 4 months of the valuation date of such inheritances.

(4) Subsection (2) applies to a charge for tax arising by reason of section 15 section 15 or 20 and to any other gift where—

(1A)(a) Simple interest is payable, without deduction of income tax, on the tax arising by reason of section 15(1) or 20(1) from the valuation date to the date of payment of that tax, and the amount of that interest shall be determined in accordance with paragraph (c) of subsection (2).

(c) in the case of an inheritance referred to in section 15(1) or 20(1), the last day of the period of 4 months referred to in section 46(2C).

(5) This section shall not apply in relation to an inheritance taken by a discretionary trust by virtue of section 15(1) or section 20(1).

(b) the valuation date or the date of the payment of the tax concerned (where the tax has been paid within 4 months of the valuation date) in respect of inheritances to which sections 15(1) and 20(1) apply.

This Chapter shall apply in relation to gifts and inheritances, but shall not apply in relation to an inheritance taken by a discretionary trust by virtue of sections 15(1) or 20(1).