Finance Act, 1996
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Amendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975. |
60.—(1) Section 26 of the Capital Gains Tax Act, 1975 , is hereby amended in subsection (6) (a) by the insertion in the definition of “family company” of the following proviso: | |
“Provided that where a company which is a holding company, would not, but for this proviso, be an individual's family company, but would be such a company if the individual had not at any time on or after the 6th day of April, 1987, and before the 6th day of April, 1990, disposed of shares in the company to a child (within the meaning of section 27) of the individual, the company shall be deemed to be the individual's family company;”. | ||
(2) This section shall apply and have effect as on and from the 23rd day of April, 1996. |