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Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.
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71.—(1) Section 980 of the Principal Act is amended by substituting the following for subsection (8):
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“(8) (a) A person chargeable to capital gains tax on the disposal of an asset to which this section applies, or another person (in this section referred to as an ‘agent’) acting under the authority of such person, may apply to the inspector for a certificate that tax should not be deducted from the consideration for the disposal of the asset and that the person acquiring the asset should not be required to give notice to the Revenue Commissioners in accordance with subsection (9)(a).
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(b) If the inspector is satisfied that the person making the application is either the person making the disposal, or an agent, and that—
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(i) the person making the disposal is resident in the State,
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(ii) no amount of capital gains tax is payable in respect of the disposal, or
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(iii) the capital gains tax chargeable for the year of assessment for which the person making the disposal is chargeable in respect of the disposal of the asset and the tax chargeable on any gain accruing in any earlier year of assessment (not being a year ending earlier than the 6th day of April, 1974) on a previous disposal of the asset has been paid,
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the inspector shall issue the certificate to the person making the disposal or, as the case may be, the agent, and shall issue a copy of the certificate to the person acquiring the asset.
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(c) Where an application is made under this subsection by an agent, it must include the name and address of the person making the disposal and where such person is resident in the State, that person's tax reference number (within the meaning of section 885).”.
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(2) This section applies as respects applications made on or after the date of the passing of this Act.
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