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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

(1A) For the purposes of this section and section 20, where a discretionary trust is created under the will (including under a codicil to that will) of a deceased person property shall be deemed to be subject to the trust on the date of death of that person.

In relation to a charge for tax arising by reason of section 20—

(II) on a later date, a charge for tax arises under or in consequence of the same disposition by reason of section 20 giving rise to a taxable inheritance (in this subparagraph referred to as the ‘second taxable inheritance’) comprising the same property or property representing that property, and

Section 20 shall not apply in relation to a discretionary trust referred to in section 17(1) or in respect of the property or the inheritance referred to in section 17(2).

(1) Subject to subsection (2), the tax chargeable on the taxable value of a taxable inheritance which is charged to tax by reason of section 20 is computed at the rate of one per cent of that taxable value.

(a) under or in consequence of any disposition, a charge for tax arises by reason of section 20 on a chargeable date (in this section called the first chargeable date),

(d) under or in consequence of the same disposition, a charge for tax arises by reason of section 20 on either or both of the 2 chargeable dates in the years next following the year in which the first chargeable date occurs (in this section called the subsequent chargeable dates), and

and in such cases the market value of the real property, or of the shares, may be ascertained again by the Commissioners for each of the relevant valuation dates, but in the case of any change referred to in paragraph (c), the market value may be ascertained again by the Commissioners only at the request of the person primarily accountable for the payment of the tax arising by reason of section 20 on that relevant valuation date.

(3) Any agreement made under this section shall be binding only on the persons who as such are accountable for the payment of the tax arising by reason of section 20 on the first chargeable date and on the subsequent chargeable dates.

(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.

(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.

(3) Subsection (2)(c) (other than in respect of tax arising by reason of section 20) shall be complied with, where the tax due and payable is inheritance tax which is being paid wholly or partly by the transfer of securities to the Minister for Finance under section 56, by—

(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).

(1) Subject to the payment of interest in accordance with section 51 and to the provisions of this section, the tax due and payable the tax due and payable (other than tax arising by reason of section 20) in respect of a taxable gift or a taxable inheritance may, at the option of the person delivering the return or additional return, be paid by 5 equal yearly instalments, the first of which is due at the expiration of 12 months from the date on which the tax became due and payable monthly instalments over a period not exceeding 5 years in such manner as may be determined by the Commissioners, the first of which is due on 31 October immediately following the valuation date and the interest on the unpaid tax shall be added to each instalment and shall be paid at the same time as such instalment.

(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).

Section 22 of the Finance Act 1954 (which relates to the payment of death duties by the transfer of securities to the Minister for Finance) and the regulations made under that Act shall apply, with any necessary modifications, to the payment of inheritance tax inheritance tax (other than tax arising by reason of section 20) by the transfer of securities to the Minister for Finance, as they apply to the payment of death duties by the transfer of securities to the Minister for Finance.

(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.

(c) before such object again forms part of the property comprised in a gift or an inheritance (other than an inheritance arising by virtue of section 20) in respect of which gift or inheritance an absolute interest is taken by a person other than the spouse spouse or civil partner of that donee or successor,

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).