5 Personal property acquired by inheritance

(1) Subject to paragraphs (2) and (3), tax shall not be charged on personal property of a deceased person that is imported from a country outside the Community by a person, being an individual resident in the State who either has acquired by inheritance (causa mortis) the ownership or the beneficial ownership of such property or who is the personal representative of such deceased person, if—

(a) such individual or personal representative provides the Revenue Commissioners with a statutory declaration or a corresponding declaration made under the laws of the country of exportation that the property he or she is importing was acquired by inheritance or that he or she is the personal representative of the deceased person, as the case may be,

(b) the property is imported not more than 2 years, or such longer period, in special cases, as the Revenue Commissioners may determine, after the date on which such individual enters into possession of the property or such personal representative takes control of the property, and

(c) the property is personal property other than—

(i) alcoholic products,

(ii) tobacco or tobacco products,

(iii) commercial means of transport,

(iv) articles for use in the exercise of a trade or profession, other than portable instruments of the applied or liberal arts, which were required for the exercise of the trade or profession of the deceased,

(v) stocks of raw materials and finished or semi-finished products, or

(vi) livestock and stocks of agricultural products exceeding the quantities appropriate to normal family requirements.

(2) Goods the subject of relief under this Regulation may be imported in several separate consignments within the period provided for in paragraph (1)(b).

(3) Paragraph (1) shall apply with the necessary changes having been made to personal property acquired by inheritance by a body of persons engaged in a non-profit making activity and established in the State.