Finance Act, 1997

Amendment of section 46 (debts) of Capital Gains Tax Act, 1975 .

78.—(1) Section 46 of the Capital Gains Tax Act, 1975 , is hereby amended in subsection (7) (inserted by section 61 of the Finance Act, 1996 )—

(a) by the deletion of “or” in paragraph (c), and

(b) by the substitution of the following paragraphs for paragraph (d):

“(d) in connection with any transfer of assets as is referred to in section 65 of the Finance Act, 1992 ,

(e) in connection with any disposal of assets as is referred to in section 66 of the Finance Act, 1992 ,

(f) in the course of a transaction which is the subject of an application under section 72 of the Finance Act, 1992 , or

(g) in pursuance of rights attached to any debenture falling within paragraph (a), (b), (c), (d), (e) or (f).”.

(2) Subsection (1) shall apply and have effect as respects the disposal of a debenture on or after the 26th day of March, 1997.