Capital Gains Tax Act, 1975

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Funds in court.

42.—(1) In this section—

“funds in court” means any monies (and investments representing such monies), annuities, stocks, shares or other securities standing or to be placed to the account of the Accountant in the books of the Bank of Ireland or any company, and includes boxes and other effects;

“the Accountant” means the Accountant attached to the court or a deputy appointed by the Minister for Justice;

“court”, except where the reference is to the Circuit Court, means the High Court.

(2) For the purposes of section 8 (3), funds in court shall be regarded as held by the Accountant as nominee for the persons entitled to or interested in the funds, or as the case may be for their trustees.

(3) Where funds in court standing to an account in the books of the Accountant are invested or, after investment, are realised, the method by which the Accountant effects the investment or the realisation of investments shall not affect the question whether there is for the purposes of this Act an acquisition, or as the case may be a disposal, of an asset representing funds in court standing to that account, and, in particular, there shall for those purposes be an acquisition or disposal of assets notwithstanding that the investment of funds in court standing to an account in the books of the Accountant, or the realisation of funds which have been so invested, is effected by setting off, in the Accountant's accounts, investment in one account against realisation of investments in another.

(4) This section shall apply with any necessary modifications to funds in the Circuit Court as it applies to funds in court.