Finance Act, 1986

Chapter VIII

Capital Gains Tax

Alteration of rates of capital gains tax.

60.—(1) Subsection (3) (inserted by the Finance Act, 1982 ) of section 3 of the Capital Gains Tax Act, 1975 , is hereby amended, as respects chargeable gains accruing on any disposal made on or after the 6th day of April, 1986, by the substitution of the following paragraphs for paragraph (c):

“(c) 35 per cent. where his period of ownership of the asset is more than three years but not more than six years, or

(d) in any other case, 30 per cent.,”

and the said subsection, as so amended, is set out in the Table to this subsection.

TABLE

(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) 35 per cent. where his period of ownership of the asset is more than three years but not more than six years, or

(d) in any other case, 30 per cent.,

and any reference in those Acts to the rate specified in this section shall be construed accordingly.

(2) In subsection (1) “disposal” does not include a relevant disposal within the meaning of section 36 (1) of the Finance Act, 1982 .