Finance Act, 1998
Amendment of section 547 (disposals and acquisitions treated as made at market value) of Principal Act. |
68.—(1) Section 547 of the Principal Act is hereby amended by the insertion of the following subsection after subsection (1): | |
“(1A) (a) Notwithstanding subsection (1), where, by virtue of section 31 of the State Property Act, 1954 , the Minister for Finance waives, in favour of a person, the right of the State to property, the person's acquisition of the property shall for the purposes of the Capital Gains Tax Acts be deemed to be for a consideration equal to the amount (including a nil amount) of the payment of money made by the person as one of the terms of that waiver.”. | ||
(2) This section shall apply as respects the acquisition of an asset on or after the 12th day of February, 1998. |