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Chapter 6
Capital Gains Tax
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Amendment of section 542 (time of disposal and acquisition) of Principal Act.
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56.— (1) Section 542 of the Principal Act is amended in subsection (1) by substituting the following for paragraph (d):
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“(d) Notwithstanding paragraph (c), for the purposes of the Capital Gains Tax Acts, where a person makes a disposal of land to an authority possessing compulsory purchase powers, and the disposal would not have been made but for the exercise of those powers or the giving by the authority of formal notice of its intention to exercise those powers, then the chargeable gain (if any) on the disposal shall be deemed to accrue—
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(i) on the day on which the payment of the compensation amount is received by the person making the disposal, or
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(ii) at a time immediately before the person’s death if the consideration has not been received at the date of his or her death.”.
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(2) This section applies to disposals made on or after 4 February 2010.
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