S.I. No. 197/1979 - Capital Gains Tax (Multipliers) (1979-80) Regulations, 1979.

S.I. No. 197 of 1979.

CAPITAL GAINS TAX (MULTIPLIERS) (1979-80) REGULATIONS, 1979.

The Revenue Commissioners, in exercise of the powers conferred on them by section 3 (5) of the Capital Gains Tax (Amendment) Act, 1978 (No. 33 of 1978), hereby make the following regulations:

1. These Regulations may be cited as the Capital Gains Tax (Multipliers) (1979—80) Regulations, 1979.

2. In relation to the disposal of an asset made in the year 1979-80, the multiplier for the purposes of section 3 (1) of the Capital Gains Tax (Amendment) Act, 1978 (No. 33 of 1978), shall be the figure mentioned in column (2) of the Table of this Regulation opposite the mention in column (1) of the said Table of the year of assessment in which the deductible expenditure was incurred.

TABLE

Year of assessment in which deductible expenditure incurred

Multiplier

(1)

(2)

1974-75 .. .. .. .. .. ..

1975-76 .. .. .. .. .. ..

1976-77 .. .. .. .. .. ..

1977-78 .. .. .. .. .. ..

1978-79 .. .. .. .. .. ..

2.012

1.625

1.400

1.200

1.109

GIVEN this 8th day of June, 1979.

M. K.O' CONNOR,

Revenue Commissioner.

EXPLANATORY NOTE.

These Regulations specify the multipliers by reference to which sums (such as the base cost of an asset and enhancement expenditure incurred on it) which are allowable as a deduction from the consideration for the disposal of an asset in the year of assessment 1979-80 are to be increased under section 3 (1) of the Capital Gains Tax (Amendment) Act, 1978 , for the purpose of computing the chargeable gain accruing to person on such a disposal. The multipliers are derived from the consumer price index numbers (base: mid-November, 1968 = 100) compiled by the Central Statistics Office.