Finance Act 2016
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Amendment of section 613 of Principal Act (miscellaneous exemptions for certain kinds of property) | ||
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30. (1) The Principal Act is amended in section 613 by substituting the following for subsection (7): | ||
“(7) (a) No chargeable gain shall arise on the receipt of an amount of compensation in money or money’s worth under the Cessation of Turf Cutting Compensation Scheme or the Protected Raised Bog Restoration Incentive Scheme administered by the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs, relating to— | ||
(i) a European Site (within the meaning of Regulation 2 of the European Communities (Birds and Natural Habitats) Regulations 2011 ( S.I. No. 477 of 2011 )) that contains raised bog, | ||
(ii) a Natural Heritage Area (within the meaning of section 2 of the Wildlife Act 1976 (No. 39 of 1976)) that contains raised bog, or | ||
(iii) any other lands which, in the opinion of the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs, are necessary to achieve the restoration of a European Site or Natural Heritage Area, referred to in subparagraph (i) or (ii). | ||
(b) Any amount paid under the Protected Raised Bog Restoration Incentive Scheme for the voluntary purchase of land or under a management agreement within the meaning of Regulation 2 of the European Communities (Birds and Natural Habitats) Regulations 2011 shall be deemed to be an amount of compensation for the purposes of paragraph (a).”. | ||
(2) This section shall apply to amounts of compensation received on or after 1 October 2016 under the Schemes referred to in subsection (1). |