Finance Act, 1996
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Amendment of section 27 (relief for individuals on certain reinvestment) of Finance Act, 1993. |
62.—(1) Section 27 (as amended by section 74 of the Finance Act, 1995 ) of the Finance Act, 1993 , is hereby amended by the insertion of the following subsection after subsection (2): | |
“(2A) (a) Where an individual who is not entitled to be treated in accordance with subsection (2) solely by reason of not having satisfied the requirements of either or both paragraph (a) and (d) of subsection (5) of this section, and— | ||
(i) all the other requirements of the section have been satisfied, | ||
(ii) the capital gains tax on the disposal of the original holding has been paid in full, and | ||
(iii) the individual has, throughout a period of 2 years beginning within the specified period, been a full-time employee or a full-time director of the qualifying company, | ||
then the individual shall— | ||
(I) be entitled on making a claim in that behalf to such repayment of capital gains tax as would secure that the tax which is ultimately borne by the individual does not exceed the tax which would have been borne by the individual if the said individual had been entitled to be treated in accordance with subsection (2), and | ||
(II) be treated for the purposes of the Capital Gains Tax Acts as if the chargeable gain accruing on the disposal of the original holding did not accrue until he disposes of the qualifying investment, and the proviso to subsection (2) shall have effect for the purposes of this subsection as it has for the purposes of that subsection. | ||
(b) Any repayment of tax under this subsection shall not carry interest.”. | ||
(2) This section shall apply and have effect as respects disposals made on or after the 6th day of April, 1996. |