15 Income into gift schemes

This Regulation applies to a transaction where, as a consequence of the transaction, a person who would otherwise incur, or be expected to incur, a liability to income tax in any tax year will—

(a) incur, or be expected to incur, a lesser or nil liability to income tax chargeable in that year, and

(b) be deemed to take a gift by virtue of section 5(1) of the Capital Acquisitions Tax Consolidation Act 2003 (No. 1 of 2003).