Finance Act, 1996
|
Amendment of section 164 (payment of tax on certain assets by instalments) of Finance Act, 1995. |
129.—(1) Section 164 of the Finance Act, 1995 , is hereby amended— | |
(a) by the substitution of the following paragraph for paragraph (a) of subsection (2): | ||
“(a) section 43 of the Principal Act shall apply to that whole or part of the tax notwithstanding subsection (3) or (4) of that section: | ||
Provided that where all or any part of that agricultural property or relevant business property, or any property which directly or indirectly replaces such property, is sold or compulsorily acquired and, by virtue of subsection (5) of section 19 of the Principal Act or section 135 of the Finance Act, 1994 , that sale or compulsory acquisition causes the taxable value of such a taxable gift or taxable inheritance to be increased, or would cause such increase if subsection (2) of section 19 of the Principal Act or section 126 of the Finance Act, 1994 , applied, all unpaid instalments referable to the property sold or compulsorily acquired shall, unless the interest of the donee or successor is a limited interest, be paid on completion of that sale or compulsory acquisition and, if not so paid, shall be tax in arrear, | ||
and”, | ||
and | ||
(b) by the insertion of the following subsection after subsection (2): | ||
“(2A) For the purposes of this section reference to an overdue instalment in the proviso to paragraph (b) of subsection (2) is a reference to an instalment which is overdue for the purposes of section 43 (as it applies to this section) of the Principal Act or for the purposes of the proviso to paragraph (a) of the said subsection (2).”. | ||
(2) This section shall apply in relation to gifts or inheritances taken on or after the 8th day of February, 1995. |