Finance Act, 2000
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Amendment of section 649A (relevant disposals: rate of charge) of Principal Act. |
86.—Section 649A of the Principal Act is amended by the substitution for subsections (1) and (2) of the following: | |
“(1) Notwithstanding section 28(3) and subject to subsection (2), the rate of capital gains tax in respect of a chargeable gain accruing to a person on a relevant disposal shall be— | ||
(a) in the case of a relevant disposal made in the period from 3 December 1997 to 30 November 1999, 40 per cent, | ||
(b) in the case of a relevant disposal, other than a relevant disposal referred to in paragraph (c), made on or after 1 December 1999, 20 per cent, and | ||
(c) in the case of a relevant disposal made on or after 6 April 2002, being a disposal of land which, in accordance with a development objective (as indicated in the development plan of the planning authority concerned), is for use solely or primarily for residential purposes, 60 per cent. | ||
(2) (a) Subsection (1) shall not apply to a relevant disposal to which this subsection applies and, accordingly, the rate of capital gains tax in respect of a chargeable gain on such a relevant disposal shall be 20 per cent. | ||
(b) This subsection shall apply to the following: | ||
(i) a relevant disposal to which section 650 refers; | ||
(ii) a relevant disposal made in the period from 23 April 1998 to 30 November 1999, being a disposal of land to a housing authority (within the meaning of section 23 of the Housing (Miscellaneous Provisions) Act, 1992 ) which land is specified in a certificate given by the housing authority as land required for the purposes of the Housing Acts, 1966 to 1998; | ||
(iii) a relevant disposal made in the period from 10 March 1999 to 30 November 1999, being a disposal of land to the National Building Agency Limited or to a body approved for the purposes of section 6 of the Housing (Miscellaneous Provisions) Act, 1992 , which land is specified in a certificate given by a housing authority or the National Building Agency Limited, as appropriate, as land required for the purposes of the Housing Acts, 1966 to 1998; | ||
(iv) a relevant disposal made in the period from 23 April 1998 to 30 November 1999, being a disposal of land in respect of the whole of which, at the time at which the disposal is made, permission for residential development has been granted under section 26 of the Local Government(Planning and Development) Act, 1963 , and such permission has not ceased to exist, other than a disposal to which paragraph (c) applies; | ||
(v) a relevant disposal made in the period from 10 March 1999 to 30 November 1999, being a disposal of land in respect of the whole of which, at the time at which the disposal is made, is, in accordance with a development objective (as indicated in the development plan of the planning authority concerned), for use solely or primarily for residential purposes other than a disposal to which paragraph (c) applies. | ||
(c) This paragraph shall apply to a relevant disposal being a disposal— | ||
(i) by a person (in this paragraph referred to as the “disponer”) to a person who is connected with the disponer, or | ||
(ii) of land under a relevant contract in relation to the disposal.”. |