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5 2005

Finance Act 2005

Chapter 6

Capital Gains Tax

Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.

56. —(1) Section 980 of the Principal Act is amended—

(a) by inserting the following after subsection (3):

“(3A) This section shall not apply to a disposal by a body specified in Schedule 15.”,

(b) in subsection (4)(c) in the definition of “house” by substituting “section 372AK” for “section 329”, and

(c) in subsection (9) by inserting the following after paragraph (d):

“(e) Where a person acquiring an asset has paid to the Collector-General an amount of capital gains tax in accordance with paragraph (a)(II) and recovered a sum of that amount from the person disposing of the asset, then, on proof being given in that regard, appropriate relief shall be given to the person disposing of the asset, whether by discharge, repayment or otherwise.”.

(2) (a) Paragraphs (a) and (c) of subsection (1) shall apply as on and from the date of the passing of this Act.

(b) Paragraph (b) of subsection (1) is deemed to have applied as on and from 25 March 2002.

Amendment of Schedule 15 (list of bodies for purposes of section 610) to Principal Act.

57. —(1) Schedule 15 to the Principal Act is amended in Part 1—

(a) by substituting “7. The Health Service Executive.” for “7. A health board.”, and

(b) by substituting the following for paragraphs 12 to 17:

“12. Dublin Regional Tourism Authority Limited.

13. The South-East Regional Tourism Authority Limited.

14. South-West Regional Tourism Authority Limited.

15. The Western Regional Tourism Authority Limited.

16. The North-West Regional Tourism Authority Limited.

17. Midlands-East Regional Tourism Authority Limited.”.

(2) (a) Paragraph (a) of subsection (1) is deemed to have applied as on and from 1 January 2005.

(b) Paragraph (b) of subsection (1) applies as on and from the date of the passing of this Act.

Amendment of section 608 (superannuation funds) of Principal Act.

58. —Section 608 of the Principal Act is amended by inserting the following after subsection (2):

“(2A) A gain shall not be a chargeable gain if accruing to a person who is exempt from income tax under section 790B.”.