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Amendment of section 599 (disposals within family of business or farm) of Principal Act.
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47.— Section 599 of the Principal Act is amended—
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(a) in subsection (1)(a) by substituting “subparagraph” for “paragraph” in subparagraph (iii),
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(b) in subsection (1)(b) by inserting the following after subparagraph (ii):
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“(iia) where an individual who has attained the age of 66 years disposes of the whole or part of his or her qualifying assets to his or her child on or after 1 January 2014 and the market value of the qualifying assets is €3,000,000 or less, relief shall be given in respect of the capital gains tax chargeable on any gain accruing on the disposal;”,
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(c) in subsection (1) by substituting the following for paragraph (c):
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“(c) For the purposes of paragraph (b), the capital gains tax chargeable in respect of the gain shall be the amount of tax which would not have been chargeable but for that gain, but nothing in that paragraph shall affect the computation of gains accruing on the disposal of assets other than qualifying assets by an individual who makes a disposal to which that paragraph applies.”,
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and
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(d) by substituting the following for subsection (2):
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“(2) The consideration on the disposal of qualifying assets by the individual referred to in subparagraph (iii) of subsection (1)(b) on or after 1 January 2014 shall be aggregated for the purposes of that subparagraph.”.
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