Finance Act, 1999

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Amendment of section 738 (undertakings for collective investment) of Principal Act.

64.—(1) Section 738(2) of the Principal Act is hereby amended in paragraph (d) by the substitution for subparagraph (i) of the following subparagraph:

“(i) the capital gains tax which is chargeable on the chargeable gains accruing in a year of assessment to the undertaking shall be the amount of such tax, before it is reduced by any credit, relief or other deduction under any provision, other than under this section, of the Tax Acts or the Capital Gains Tax Acts, which is the standard rate, for the year of assessment, of the chargeable gains accruing to the undertaking, and”.

(2) This section shall apply in respect of chargeable gains accruing in the year of assessment 1998-99 and subsequent years of assessment.