Finance Act, 1986
|
Disposal of shares on the Smaller Companies Market and certain other shares. |
61.—(1) In this section— | |
“qualifying period” means the period of three years commencing on the 4th day of April, 1986; | ||
“qualifying shares” means— | ||
(a) in subsection (2), shares of a kind which are dealt in on the Smaller Companies Market of the Irish Stock Exchange (hereafter in this section referred to as “the relevant market”) and which are not dealt in otherwise on the Irish Stock Exchange or on any other stock exchange, and | ||
(b) in subsection (3), shares forming part of the ordinary share capital of a public company within the meaning of section 2 (1) of the Companies (Amendment) Act, 1983 , which has issued shares in respect of which relief has been given under— | ||
(i) Chapter III of Part I of the Finance Act, 1984 , or | ||
(ii) Chapter III of this Part, | ||
and which are not dealt in on a recognised stock exchange. | ||
(2) Notwithstanding section 3 (3) of the Capital Gains Tax Act, 1975 , the rate of capital gains tax in respect of chargeable gains accruing to a person on the disposal on the relevant market in the qualifying period of shares which, at the time of the disposal, are qualifying shares shall be 30 per cent. | ||
(3) Notwithstanding section 3 (3) of the Capital Gains Tax Act, 1975 , the rate of capital gains tax in respect of chargeable gains accruing to a person on the disposal in the qualifying period of shares which, at the time of disposal, are qualifying shares shall be 30 per cent. | ||
(4) In subsections (2) and (3) “disposal” does not include a relevant disposal within the meaning of section 36 (1) of the Finance Act, 1982 . |