Finance Act, 1982
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Rates of charge. |
30.—(1) Section 3 of the Principal Act is hereby amended, as respects chargeable gains accruing on disposals made on or after the 26th day of March, 1982, by the substitution for subsection (3) (inserted by the Act of 1978) of the following subsections: | |
“(3) Except as otherwise provided for by the Capital Gains Tax Acts, the rate of capital gains tax in respect of chargeable gains accruing to a person on the disposal of an asset shall be— | ||
(a) 60 per cent. where his period of ownership of the asset is not more than one year, | ||
(b) 50 per cent. where his period of ownership of the asset is more than one year but not more than three years, | ||
(c) in any other case, 40 per cent., | ||
and any reference in those Acts to the rate specified in this section shall be construed accordingly. | ||
(4) In subsection (3) ‘period of ownership’, in relation to a person making a disposal of an asset, means his period of continuous ownership of the asset, in the same capacity, ending with the date of such disposal, and, for the purposes of this definition, a period of ownership shall be determined without regard to the provisions of section 3 (2) of the Capital Gains Tax (Amendment) Act, 1978 , and, where the asset was acquired by the person on the death of his spouse so that his period of ownership would, apart from this subsection, be treated as having commenced on the date of that death, his period of ownership shall be deemed to be extended to include his spouse's period of continuous ownership ending on that date.”. | ||
(2) Section 4 of the Act of 1978 shall not apply as respects chargeable gains accruing on disposals made on or after the 26th day of March, 1982. | ||
(3) Subject to section 40 , section 5 (1) of the Principal Act shall apply subject to the provisions of section 3 (3) of that Act and of paragraph 7 of Schedule 1 to the Act of 1978. |