|
|
Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.
|
87.—(1) Section 980 of the Principal Act is amended—
|
|
| |
(a) by the substitution in subsection (3) for “£150,000” of “£300,000”,
|
|
| |
(b) by the substitution in subsection (4) for paragraph (b) of the following:
|
|
| |
“(b) Where the person disposing of the asset produces to the person acquiring the asset—
|
|
| |
(i) a certificate issued under subsection (8) in relation to the disposal, or
|
|
| |
(ii) if the asset concerned is land on which a new house has been built or land on which a new house is in the course of being built, a certificate issued under subsection (8) in relation to the disposal or one of the certificates specified in subsection (8A) which, in either case, has been issued to the person disposing of the asset,
|
|
| |
no deduction referred to in paragraph (a) shall be made.
|
|
| |
(c) In paragraph (b)(ii)—
|
|
| |
‘house’ has the same meaning as it has in section 329;
|
|
| |
‘new house’ means a house which hasbeen developed or is being developed by or on behalf of the person disposing of it and which has not been used at any time before its disposal.”,
|
|
| |
(c) by the insertion after subsection 8 of the following:
|
|
| |
“(8A) (a) The certificates referred to in subsection (4) (b) are—
|
|
| |
(i) a certificate of authorisation (within the meaning of section 531) issued for the purposes of that section, the period of validity of which, as provided for by regulations under subsection (6) of that section, has not expired,
|
|
| |
(ii) a tax clearance certificate (within the meaning of section 1094) issued for the purposes of that section, the period of validity of which has not expired,
|
|
| |
(iii) a tax clearance certificate (within the meaning of section 1095) issued for the purposes of that section, the period of validity of which has not expired, or
|
|
| |
(iv) where a person has not been issued with such a certificate of authorisation or such a tax clearance certificate, a certificate such as is referred to in paragraph (b).
|
|
| |
(b) Where a person has not been issued with a certificate of authorisation or a tax clearance certificate such as is referred to in subparagraph (i), (ii) or (iii) of paragraph (a), the person disposing of an asset referred to in subsection (4)(b)(ii) may apply in that behalf, for the purposes of this paragraph, to the Collector-General for the issue of a certificate and such an application shall be deemed to be an application made under section 1095 for the issuing of a tax clearance certificate thereunder and that section shall, accordingly, apply with the following and any other necessary modifications, that is to say, for the reference in subsection (2) of section 1095 to the scheme there shall be substituted a reference to subsection (4)(b) of this section.”,
|
|
| |
and
|
|
| |
(d) by the substitution for subparagraph (iii) of subsection (9)(a) of the following:
|
|
| |
“(iii) the person disposing of the asset does not, at or before the time at which the acquisition is made, produce to the person acquiring the asset a certificate under subsection (8) in relation to the disposal or one of the certificates specified in subsection (8A), being a certificate which, in either case, has been issued to the person disposing of the asset.”.
|
|
| |
(2) This section shall apply as respects disposals made on or after the date of the passing of this Act.
|
