No. 20/1975:

CAPITAL GAINS TAX ACT, 1975

ARRANGEMENT OF SECTIONS

PART I PRELIMINARY

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 or 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

SCHEDULE 2

SCHEDULE 3

SCHEDULE 4

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 FINANCIAL

[5th August 1975]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: