Capital Gains Tax Act, 1975

Interpretation.

2.—(1) In this Act, unless the context otherwise requires—

“Appeal Commissioners” has the meaning assigned to it by section 156 of the Income Tax Act, 1967 ;

“body of persons” has the meaning assigned to it by section 1 of the Income Tax Act, 1967 ;

“branch or agency” means any factorship, agency, receivership, branch or management, but does not include the brokerage or agency of a broker or agent referred to in section 205 of the Income Tax Act, 1967 ;

“local authority” has the meaning assigned to it by section 23 (2);

“allowable loss” has the meaning assigned to it by section 12;

“capital allowance” means any allowance under the provisions of the Income Tax Acts which relate to allowances in respect of capital expenditure and includes an allowance under section 241 of the Income Tax Act, 1967 ;

“chargeable gain” has the meaning assigned to it by section 11 (2);

“charity” has the meaning assigned to it by section 334 (3) of the Income Tax Act, 1967 ;

“class”, in relation to shares or securities, means a class of shares or securities of any one company;

“company” means any body corporate;

“controlled company” has the meaning assigned to it by section 35 and “control” in relation to a company shall be construed accordingly;

“inspector” means an inspector of taxes appointed under section 161 of the Income Tax Act, 1967 ;

“land” includes any interest in land;

“lease”—

(a) in relation to land, includes an underlease, sublease or any tenancy or licence, and any agreement for a lease, under-lease, sublease or tenancy or licence and, in the case of land outside the State, any interest corresponding to a lease as so defined,

(b) in relation to any description of property other than land, means any kind of agreement or arrangement under which payments are made for the use of, or otherwise in respect of, property,

and “lessor”, “lessee” and “rent” shall be construed accordingly;

“legatee” includes any person taking under a testamentary disposition or an intestacy or partial intestacy or by virtue of the Succession Act, 1965 , or by survivorship, whether he takes beneficially or as trustee, and a person taking under a donatio mortis causa shall be treated as a legatee and his acquisition as made at the time of the donor's death and, for the purposes of this definition and of any reference to a person acquiring an asset “as legatee”, property taken under a testamentary disposition or on an intestacy or partial intestacy or by virtue of the Succession Act, 1965 , includes any asset appropriated by the personal representatives in or towards the satisfaction of a pecuniary legacy or any other interest or share in the property devolving under the disposition or intestacy or by virtue of the Succession Act, 1965 ;

“minerals” has the meaning assigned to it by section 3 of the Minerals Development Act, 1940 ;

“mining” means mining operations within the State for the purpose of obtaining, whether by underground or surface working, any minerals;

“part disposal” has the meaning assigned to it by section 8 (1);

“personal representatives” has the meaning assigned to it by section 450 (2) (a) of the Income Tax Act, 1967 ;

“prescribed” means prescribed by the Revenue Commissioners;

“profession” includes vocation;

“resident” and “ordinarily resident” have the same meanings as in the Income Tax Acts;

“settled property” means any property held in trust other than property to which section 8 (3) applies but does not include any property held by a trustee or assignee in bankruptcy or under a deed of arrangement;

“settlement” and “settlor” have the meanings assigned to them by section 96 (3) (h) of the Income Tax Act, 1967 , and “settled property” shall be construed accordingly;

“shares” includes stock, and shares or debentures comprised in any letter of allotment or similar instrument shall be treated as issued unless the right to the shares or debentures thereby conferred remains provisional until accepted and there has been no acceptance;

“trade” has the same meaning as in the Income Tax Acts;

“trading stock” has the meaning assigned to it by section 62 (2) of the Income Tax Act, 1967 ;

“unit trust” means any arrangements made for the purpose, or having the effect, of providing facilities for the participation by the holders of units, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securties or any other property whatsoever;

“units”, in relation to a unit trust, means any units (described whether as units or otherwise) into which are divided the beneficial interests in the assets subject to the trusts of a unit trust;

“unit holder”, in relation to a unit trust, means a holder of units of the unit trust;

“wasting asset” has the meaning assigned to it by paragraph 8 of Schedule 1 and paragraph 1 of Schedule 3;

“year of assessment”, in relation to capital gains tax, means a year beginning on the 6th day of April and “1974-75” and so on indicate years of assessment as in the Income Tax Acts.

(2) For the purposes of this Act, any question whether a person is connected with another shall be determined in accordance with section 33.

(3) References in this Act to a married woman living with her husband shall be construed in accordance with subsections (1) and (2) of section 196 of the Income Tax Act, 1967 .

(4) Any provision in this Act introducing the assumption that assets are sold and immediately re-acquired shall not imply that any expenditure is incurred as incidental to the sale or re-acquisition.

(5) References to profits or gains in the Income Tax Acts shall not include references to chargeable gains.

(6) References in this Act to any enactment shall, unless the context otherwise requires, be construed as references to that enactment as amended or extended by any subsequent enactment.

(7) In this Act, a reference to a section or schedule is a reference to a section of or schedule to this Act unless it is indicated that reference to some other enactment is intended.

(8) In this Act, a reference to a subsection, paragraph, sub-paragraph or clause is to the subsection, paragraph, subparagraph or clause of the provision (including a schedule) in which the reference occurs, unless it is indicated that reference to some other provision is intended.