Finance Act, 1979
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Chapter VIII Capital Gains Tax | ||
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Amendment of section 25 (private residence) of Capital Gains Tax Act, 1975. |
35.— Section 25 of the Capital Gains Tax Act, 1975 , is hereby amended by the insertion after subsection (9) of the following subsection : | |
“(9A) (a) In this subsection ‘dependent relative’ means, in relation to an individual, a relative of the individual, or of the wife or husband of the individual, who is incapacitated by old age or infirmity from maintaining himself, or the widowed mother (whether or not she is so incapacitated) of the individual or of the wife or husband of the individual. | ||
(b) If as respects a gain accruing to an individual on the disposal, on or after the 6th day of April, 1979, of, or of an interest in, a dwelling-house or part of a dwelling-house which is, or has at any time in his period of ownership been, the sole residence of a dependent relative of the individual, provided rent free and without any other consideration, the individual so claims, such relief shall be given in respect of it and of its garden or grounds as would be given under this section if the dwelling-house (or part of the dwelling-house) had been the individual's only or main residence in the period of residence by the dependent relative, and shall be so given in addition to any relief available under this section apart from this subsection : | ||
Provided that— | ||
(i) not more than one dwelling-house (or part of a dwelling-house) may qualify for relief as being the residence of a dependent relative of the claimant at any one time nor, in the case of a man and his wife living with him, as being the residence of a dependent relative of the claimant or of the claimant's wife or husband at any one time, and | ||
(ii) the inspector, before allowing a claim, may require the claimant to show— | ||
(I) that the giving of the relief claimed will not, under paragraph (i), preclude the giving of relief to the wife or husband of the claimant, or | ||
(II) that a claim by the said wife or husband to any such relief has been relinquished.”. |