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Taxes Consolidation Act, 1997 (Number 39 of 1997)

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577ARelinquishing of a life interest by the person entitled.

Where by virtue of section 576(1) the assets forming part of any settled property are deemed to be disposed of and immediately reacquired by the trustee on the occasion when a person becomes absolutely entitled to the assets as against the trustee, then, in case that occasion is the relinquishing of a life interest (within the meaning of section 577) by the person entitled to that interest, the trustee shall be given such relief as would be given under sections 598 and 599 to the person who relinquished the life interest—

(a)if the person had become absolutely entitled to the assets as against the trustee at the commencement of the life interest and had continued to be so entitled throughout the period (in this section referred to as the “life interest period”) that the life interest subsisted, and

(b)as if any expenditure of the kind referred to in paragraph (b) of section 552(1) that was incurred on the assets during the life interest period by the trustee had been incurred by the person.

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Inserted by FA98 s69(1). This section shall apply as respects a disposal deemed to be made on or after the 12th day of February, 1998.