Finance Act, 1999
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Amendment of section 1094 (tax clearance in relation to certain licences) of Taxes Consolidation Act, 1997. |
212.— Section 1094 of the Taxes Consolidation Act, 1997 , is hereby amended by— | |
(a) in subsection (1)— | ||
(i) in the definition of “licence” by the substitution for paragraphs (h) and (i) of the following: | ||
“(h) section 101 of the Finance Act, 1999;”, | ||
and | ||
(ii) by the insertion after the definition of “licence” of the following definition— | ||
“‘market value’, in relation to any property, means the price which such property might reasonably be expected to fetch on a sale in the open market on the date on which the property is to be valued;”, | ||
and | ||
(b) by the insertion after subsection (3) of the following subsection: | ||
“(3A) Where— | ||
(a) the first-mentioned person will be the beneficial holder of a licence due to commence on a specified date on foot of a certificate granted or to be granted under section 2(1) (as amended by section 23 of the Intoxicating Liquor Act, 1960 ) of the Licensing (Ireland) Act, 1902 , | ||
(b) the second-mentioned person was the beneficial holder of the last licence issued prior to the specified date in respect of the premises for which the certificate referred to in paragraph (a) was granted, and | ||
(c) the acquisition of the premises by the said first-mentioned person was for a consideration of less than market value at the date of such acquisition, | ||
then, subsection (3) shall apply as if— | ||
(i) the reference to the year ending on that date were a reference to 5 years ending on that date, and | ||
(ii) the reference to the activities conducted under the licence was a reference to the activities conducted by the second-mentioned person under the last licence held by the said person prior to the specified date.”. |