Finance Act, 1992

Amendment of section 9 (consideration) of Capital Gains Tax Act, 1975.

62.—(1) Section 9 of the Capital Gains Tax Act, 1975 , is hereby amended by the addition of the following subsection after subsection (4) (inserted by the Finance Act, 1982 ):

“(5) Subsection (1) shall not apply to the acquisition of an asset where—

(a) there is no corresponding disposal of the asset, and

(b) (i) there is no consideration in money or money's worth for the asset, or

(ii) the consideration for the asset is of an amount or value which is lower than the market value of the asset.”.

(2) This section shall apply and have effect in relation to disposals made on or after the 7th day of May, 1992.