Capital Gains Tax (Amendment) Act, 1978

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Amendment of section 15 (settled property) of Principal Act.

7.—(1) Section 15 of the Principal Act is hereby amended by the substitution for subsection (4) (b) of the following paragraph:

“(b) the re-acquisition under that subsection shall be deemed to be for a consideration equal to the market value of the assets at the date of the death.”.

(2) This section shall apply in relation to a disposal of assets made on or after the 6th day of April, 1978, by a trustee of the kind referred to in subsection (4) of the said section 15, in his capacity as a trustee within section 8 (3) of the Principal Act, or by the person becoming absolutely entitled to the assets in the circumstances referred to in the said subsection (4).