Finance Act 2011

Amendment of section 95 (transitional measures for supplies of immovable goods) of Principal Act.

57.— Section 95 of the Principal Act is amended—

(a) in subsection (1) by deleting “and” at the end of paragraph (a) and by substituting “after 1 July 2008, and” for “after 1 July 2008.” in paragraph (b),

(b) in subsection (1) by inserting the following after paragraph (b):

“(c) immovable goods being residential property or burial grounds which are acquired or developed by a public body prior to 1 July 2010, being completed immovable goods before 1 July 2010, and have not been disposed of by that public body prior to that date, until such time as those goods have been disposed of by that public body on or after that date.”,


(c) by inserting the following after subsection (6):

“(6A) Where—

(a) a public body makes a supply of immovable goods referred to in subsection (1)(c),

(b) tax is chargeable on that supply, and

(c) that public body was not entitled to deduct all the tax charged to that public body on the acquisition or development of those immovable goods,

then that public body shall be entitled to make the appropriate adjustment that would apply under section 64(6)(a) as if the capital goods scheme applied to that transaction, but that adjustment shall not exceed the value-added tax chargeable on that supply of those goods.”.