Finance Act, 1979

Amendment of section 31 (unit trusts) of Capital Gains Tax Act, 1975.

37.—(1) It is hereby declared and enacted that, for the purposes of any assessment to capital gains tax made on or after the 11th day of May, 1979, subsection (4) of section 31 of the Capital Gains Tax Act, 1975 , shall not have effect and shall be deemed never to have had effect as respects a unit trust to which the provisions of subsection (5A) (inserted by the Finance Act, 1977 ) of that section apply.

(2) The said section 31 is hereby amended by the insertion in subsection (5) after “the units in the unit trust shall” of “for that year” and the said subsection, as so amended, is set out in the Table to this section.


(5) If throughout a year of assessment all the assets of a unit trust are such that they are not chargeable assets or are assets in respect of which a gain would not be a chargeable gain, the units in the unit trust shall for that year be deemed not to be chargeable assets for the purposes of this Act.