Finance Act, 1982

Amendment of provisions regarding replacement of assets.

39.—(1) Consideration obtained for a relevant disposal shall not be regarded for the purposes of relief under section 28 of the Principal Act as having been obtained for the disposal of old assets within the meaning of that section.

(2) Section 5 of the Act of 1978 shall not apply to a relevant disposal.

(3) Subsections (1) and (2) shall not apply to a relevant disposal made by a body of persons established for the sole purpose of promoting athletic or amateur games or sports, being a disposal which is made in relation to such of the activities of that body as are directed to that purpose.