Finance Act, 1984
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Capital gains tax. |
25.—(1) The sums allowable as deductions from the consideration in the computation for the purposes of capital gains tax of the gain or loss accruing to an individual on the disposal of shares in respect of which any relief has been given and not withdrawn shall be determined without regard to that relief, except that where those sums exceed the consideration they shall be reduced by an amount equal to— | |
(a) the amount of that relief, or | ||
(b) the excess, | ||
whichever is the less, but the foregoing provisions of this subparagraph shall not apply to a disposal falling within section 13 (5) of the Capital Gains Tax Act, 1975 . | ||
(2) In relation to shares in respect of which relief has been given and not withdrawn, any question— | ||
(a) as to which of any such shares issued to a person at different times a disposal relates; or | ||
(b) whether a disposal relates to such shares or to other shares; | ||
shall for the purposes of capital gains tax be determined as for the purposes of section 17 . | ||
(3) Where an individual holds ordinary shares in a company and the relief has been given in respect of some but not others, then, if there is within the meaning of paragraph 2 (1) of Schedule 2 to the Capital Gains Tax Act, 1975 , a reorganisation affecting those shares, paragraph 2 (2) of that Schedule shall apply separately to the shares in respect of which the relief has been given and to the other shares (so that the shares of each kind are treated as a separate holding of original shares and identified with a separate new holding). | ||
(4) There shall be made all such adjustments of capital gains tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the relief being given or withdrawn. |