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Capital Gains Tax Act, 1975

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Number 20 of 1975

CAPITAL GAINS TAX ACT, 1975

ARRANGEMENT OF SECTIONS

PART I

Preliminary

Section

1.

Short title.

2.

Interpretation.

PART II

Taxation of Capital Gains

3.

Taxation of capital gains and rate of charge.

4.

Persons chargeable.

5.

Amount chargeable and time of payment.

6.

Capital gains accruing to an individual: alternative charge.

7.

Assets.

8.

Disposal of assets.

9.

Consideration.

10.

Time of disposal.

11.

Computation of chargeable gains.

12.

Losses.

13.

Married persons.

PART III

Inheritances and Settled Property

14.

Death.

15.

Settled property.

PART IV

Exemptions and Reliefs

16.

Gains of £500 and under.

17.

Chattels sold for £2,000 or less.

18.

Wasting chattels.

19.

Government and other securities.

20.

Life assurance and deferred annuities.

21.

Superannuation funds.

22.

Charities.

23.

Other bodies.

24.

Miscellaneous exemptions for certain kinds of property.

PART V

Special Reliefs

25.

Private residence.

26.

Disposal of business or farm on retirement.

27.

Disposal within the family of business or farm.

28.

Replacement of business and other assets.

29.

Compensation and insurance money.

30.

Scheme for retirement of farmers.

PART VI

Unit Trusts

31.

Unit trusts.

32.

Unit trusts: special arrangements.

PART VII

Anti-avoidance

33.

Connected persons.

34.

Assets disposed of in a series of transactions.

35.

Controlled company transferring assets at undervalue.

36.

Non-resident company.

37.

Non-resident trust.

PART VIII

Miscellaneous and Supplemental

38.

Double taxation relief.

39.

Disposals to State, charities and other bodies.

40.

Assets of insolvent persons.

41.

Liquidation of companies.

42.

Funds in court.

43.

Unremittable gains.

44.

Consideration due after time of disposal.

45.

Transfers of value derived from assets.

46.

Debts.

47.

Options.

48.

Location of assets.

49.

Valuation.

50.

Extension of certain Acts.

51.

Supplemental.

SCHEDULE 1

PART I

PART II

SCHEDULE 2

SCHEDULE 3

SCHEDULE 4

Acts Referred to

Income Tax Act, 1967

1967, No. 6

Succession Act, 1965

1965, No. 27

Minerals Development Act, 1940

1940, No. 31

Finance Act, 1971

1971, No. 23

Continental Shelf Act, 1968

1968, No. 14

Finance Act, 1973

1973, No. 19

Harbours Act, 1946

1946, No. 9

Finance Act, 1974

1974, No. 27

Finance Act, 1972

1972, No. 19

Oireachtas (Allowances to Members) Act, 1938

1938, No. 34

Ministerial and Parliamentary Offices (Amendment) Act, 1960

1960, No. 12

Vocational Education Act, 1930

1930, No. 29

Agriculture Act, 1931

1931, No. 8

Local Government Act, 1941

1941, No. 3

Local Government Services (Corporate Bodies) Act, 1971

1971, No. 6

Finance Act, 1970

1970, No. 14

Finance (Miscellaneous Provisions) Act, 1956

1956, No. 47

European Communities (Retirement of Farmers) Regulations, 1974

S.I. No. 116 of 1974

Local Government (Planning and Development) Act, 1936)

1963, No. 28

Finance Act, 1974

1974, No. 27

Companies Act, 1963

1889, c. 60

Unit Trusts Act, 1972

1972, No. 17

Finance Act, 1931

1931, No. 31

Deeds of Arrangement Act, 1887

1887, c. 57

Companies Act, 1963

1963, No. 33

Provisional Collection of Taxes Act, 1927

1927, No. 7

Inland Revenue Regulation Act, 1890

1890, c. 21

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Number 20 of 1975

CAPITAL GAINS TAX ACT, 1975

AN ACT TO CHARGE AND IMPOSE ON CERTAIN CAPITAL GAINS A DUTY OF INLAND REVENUE TO BE KNOWN AS CAPITAL GAINS TAX, TO AMEND THE LAW RELATING TO INLAND REVENUE AND TO MAKE FURTHER PROVISIONS IN CONNECTION WITH FINANCE. [5th August, 1975]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: