Finance Act, 1986
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Chapter VIII Capital Gains Tax | ||
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Alteration of rates of capital gains tax. |
60.—(1) Subsection (3) (inserted by the Finance Act, 1982 ) of section 3 of the Capital Gains Tax Act, 1975 , is hereby amended, as respects chargeable gains accruing on any disposal made on or after the 6th day of April, 1986, by the substitution of the following paragraphs for paragraph (c): | |
“(c) 35 per cent. where his period of ownership of the asset is more than three years but not more than six years, or | ||
(d) in any other case, 30 per cent.,” | ||
and the said subsection, as so amended, is set out in the Table to this subsection. | ||
TABLE | ||
(3) Except as otherwise provided for by the Capital Gains Tax Acts, the rate of capital gains tax in respect of chargeable gains accruing to a person on the disposal of an asset shall be— | ||
(a) 60 per cent. where his period of ownership of the asset is not more than one year, | ||
(b) 50 per cent. where his period of ownership of the asset is more than one year but not more than three years, | ||
(c) 35 per cent. where his period of ownership of the asset is more than three years but not more than six years, or | ||
(d) in any other case, 30 per cent., | ||
and any reference in those Acts to the rate specified in this section shall be construed accordingly. | ||
(2) In subsection (1) “disposal” does not include a relevant disposal within the meaning of section 36 (1) of the Finance Act, 1982 . |