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Amendment of section 5 (amount chargeable and time of payment) of Principal Act.
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33.—Section 5 of the Principal Act is hereby amended, as respects chargeable gains accruing on disposals made after the passing of this Act, by the insertion after subsection (2) of the following subsection:
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“(3) (a) Notwithstanding subsections (1) and (2) and section 3 (2), any capital gains tax payable in respect of a chargeable gain which, on a disposal, accrues to a person who is not resident or ordinarily resident in the State at the time at which the disposal is made may be assessed and charged before the end of the year of assessment in which the chargeable gain accrues and the tax so assessed and charged shall be payable at or before the expiration of a period of three months beginning with the time at which the disposal is made, or at the expiration of a period of two months beginning with the date of making the assessment, whichever is the later.
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(b) In computing the amount of capital gains tax payable under paragraph (a), the provisions of subsection (1) shall apply, with any necessary modifications, as regards the deduction of any allowable losses which accrued to the person mentioned in paragraph (a) prior to the date of making of the assessment mentioned in that paragraph.”.
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