Finance Act, 1995

Amendment of section 4 (special provisions in relation to the supply of immovable goods) of Principal Act.

122.—Section 4 of the Principal Act is hereby amended—

(a) by the substitution of the following subsection for subsection (5):

“(5) Where a person disposes of an interest in immovable goods to another person and in connection with that disposal a taxable person enters into an agreement with that other person or person connected with that other person to carry out a development in relation to those immovable goods, then—

(a) the person who disposes of the interest in the said immovable goods shall, in relation to that disposal, be deemed to be a taxable person,

(b) the disposal of the interest in the said immovable goods shall be deemed to be a supply of those goods made in the course or furtherance of business, and

(c) the disposal of the interest in the said immovable goods shall, notwithstanding subsection (1), be deemed to be a disposal of an interest in immovable goods to which this section applies.”,

and

(b) by the insertion in paragraph (b) of subsection (6) after “supply” of “other than a supply of immovable goods to which the provisions of subsection (5) apply”.