Capital Gains Tax (Amendment) Act, 1978

Amendment of sections 13 (computation of chargeable gains) and 37 (chargeable gains reserved for policy holders) of Corporation Tax Act, 1976 .

11.—(1) Sections 13 (1) and 37 (3) (a) of the Corporation Tax Act, 1976 , are hereby amended as respects—

(a) the financial year 1978 in relation to any accounting period or part of an accounting period falling after the 5th day of April, 1978, and

(b) the financial year 1979 and each subsequent financial year.

by the substitution of “fifteen-forty-fifths” for “nineteen-forty-fifths” (inserted by the Finance Act, 1977).

(2) Section 37 (1) of the Corporation Tax Act, 1976 , is hereby amended as respects—

(a) the financial year 1978 in relation to any accounting period or part of an accounting period falling after the 5th day of April, 1978, and

(b) the financial year 1979 and each subsequent financial year,

by the substitution of “30 per cent.” for “26 per cent.”.