Finance Act, 1992
Amendment of section 9 (consideration) of Capital Gains Tax Act, 1975. |
62.—(1) Section 9 of the Capital Gains Tax Act, 1975 , is hereby amended by the addition of the following subsection after subsection (4) (inserted by the Finance Act, 1982 ): | |
“(5) Subsection (1) shall not apply to the acquisition of an asset where— | ||
(a) there is no corresponding disposal of the asset, and | ||
(b) (i) there is no consideration in money or money's worth for the asset, or | ||
(ii) the consideration for the asset is of an amount or value which is lower than the market value of the asset.”. | ||
(2) This section shall apply and have effect in relation to disposals made on or after the 7th day of May, 1992. |