Finance Act, 1996

Exemption of certain milk boards and associated companies from capital gains tax.

64.—(1) In this section—

“the Boards” means—

(a) the Dublin District Milk Board established under the Dublin District Milk Board Order, 1936 (S.R. & O. No. 254 of 1936), and

(b) the Cork District Milk Board established under the Cork District Milk Board Order, 1937 (S.R. & O. No. 91 of 1937);

“the companies” means—

(a) the company incorporated on the 19th day of November, 1991, as Dairysan Limited, and

(b) the company incorporated on the 14th day of February, 1994, as Glenlee (Cork) Limited;

“the Interim Board” means the Interim Board established under the Milk (Regulation of Supply) (Establishment of Interim Board) Order, 1994, (S.I. No. 408 of 1994).

(2) Section 23 of the Capital Gains Tax Act, 1975 , shall apply to a gain accruing on the disposal on or after the 5th day of December, 1994, of an asset—

(a) by the Boards or the companies to the Interim Board, and

(b) by the Interim Board,

as it applies to a gain accruing to a body specified in that section.