The Principal Act is hereby amended by the insertion of the following section after section 59A:
(1) The whole or any part of a retirement fund which is comprised in an inheritance which is taken upon the death of a disponer dying on or after the date of the passing of the Finance Act, 1999, shall be exempt from tax in relation to that inheritance and in relation to a charge for tax arising on that death by virtue of section 110 of the Finance Act, 1993, and the value thereof shall not be taken into account in computing tax, where -
(a) the disposition under which the inheritance is taken is the will or intestacy of the disponer, and
(b) the successor is a child of the disponer and had attained 21 years of age at the date of that disposition.
(2) In this section 'retirement fund', in relation to an inheritance taken on the death of a disponer, means an approved retirement fund or an approved minimum retirement fund, within the meaning of section 784A or 784C of the Taxes Consolid
…