Finance Act 2024
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Amendments consequential on insertion of section 89A in Principal Act | ||
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101. (1) The Principal Act is amended— | ||
(a) in section 28— | ||
(i) in subsection (2), by the substitution of “section 89 or 89A, as the case may be” for “section 89”, and | ||
(ii) in subsection (7)(b), by the substitution of “section 89(2)(ii) or (iii) or section 89A(2)(ii) or (iii), as the case may be,” for “section 89(2)(ii) or (iii)”, | ||
(b) in section 46— | ||
(i) in subsection (4), by the substitution of the following paragraph for paragraph (aa): | ||
“(aa) the gift comprises or includes— | ||
(i) agricultural property, within the meaning of section 89(1), in the case of a gift or inheritance taken prior to the date on which section 89A comes into operation, | ||
(ii) agricultural property, within the meaning of subsection (1) of section 89A, in the case of a gift or inheritance taken on or after the date on which that section comes into operation, or | ||
(iii) relevant business property, within the meaning of section 93(1),”, | ||
and | ||
(ii) in subsection (14), by the substitution of the following paragraph for paragraph (d): | ||
“(d) the gift comprises or includes— | ||
(i) agricultural property, within the meaning of section 89(1), in the case of a gift or inheritance taken prior to the date on which section 89A comes into operation, | ||
(ii) agricultural property, within the meaning of subsection (1) of section 89A, in the case of a gift or inheritance taken on or after the date on which that section comes into operation, or | ||
(iii) relevant business property, within the meaning of section 93(1), or”, | ||
(c) in section 51(3), by the substitution of the following paragraphs for paragraph (a): | ||
“(a) to the extent to which section 89(4)(a) applies, for the duration of the period from the valuation date to the date the agricultural value (within the meaning of section 89) ceases to be applicable, | ||
(aa) to the extent to which section 89A(7)(a) applies, for the duration of the period from the valuation date to the date the agricultural value (within the meaning of section 89A) ceases to be applicable,”, | ||
(d) in section 55— | ||
(i) in subsection (1), by the substitution of the following definition for the definition of “agricultural property”: | ||
“ ‘agricultural property’— | ||
(a) in the case of a gift or inheritance taken prior to the date on which section 89A comes into operation, has the meaning assigned to it by section 89(1), or | ||
(b) in the case of a gift or inheritance taken on or after the date on which section 89A comes into operation, has the meaning assigned to it by subsection (1) of that section;”, and | ||
(ii) in subsection (2)(a)— | ||
(I) by the insertion of “or subsection (7) of section 89A, as the case may be,” after “subsection (4) of section 89”, and | ||
(II) by the insertion of “or subsection (2) of section 89A, as the case may be,” after “subsection (2) of section 89”, | ||
(e) in section 89, by the insertion of the following subsection after subsection (7): | ||
“(8) This section shall not apply to gifts or inheritances taken on or after the date on which section 89A comes into operation.”, | ||
(f) in section 90(1), by the substitution of the following definition for the definition of “agricultural property”: | ||
“ ‘agricultural property’— | ||
(a) in the case of a gift or inheritance taken prior to the date on which section 89A comes into operation, has the meaning assigned to it by section 89(1), or | ||
(b) in the case of a gift or inheritance taken on or after the date on which section 89A comes into operation, has the meaning assigned to it by subsection (1) of that section;”, | ||
(g) in section 102, by the substitution of “section 89(2) or 89A(2), as the case may be,” for “section 89(2)”, and | ||
(h) in section 102A— | ||
(i) in subsection (1), by the substitution of the following definition for the definition of “agricultural property”: | ||
“ ‘agricultural property’— | ||
(a) in the case of a gift or inheritance taken prior to the date on which section 89A comes into operation, has the meaning assigned to it by section 89(1), or | ||
(b) in the case of a gift or inheritance taken on or after the date on which section 89A comes into operation, has the meaning assigned to it by subsection (1) of that section;”, and | ||
(ii) in subsection (2)(a), by the substitution of “section 89(2) or 89A(2), as the case may be,” for “section 89(2)”. | ||
(2) The Taxes Consolidation Act 1997 is amended in section 654A(1), in paragraph (b) of the definition of “relevant provisions”, by the substitution of “sections 89 and 89A” for “section 89”. | ||
(3) Subsections (1) and (2) shall come into operation on such day or days as the Minister for Finance shall appoint either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions. |