Finance Act, 1997
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Amendment of section 39 (amendment of provisions regarding replacement of assets) of Finance Act, 1982 . |
77.—(1) Section 39 of the Finance Act, 1982 , is hereby amended by the insertion after subsection (3) of the following subsection: | |
“(3A) (a) Subject to the following provisions of this subsection, subsection (1) shall not apply to consideration obtained for a relevant disposal where— | ||
(i) throughout a period of five years ending with the time of disposal, the old assets, and | ||
(ii) the new assets within the meaning of section 28 of the Principal Act, | ||
are assets of an authorised racecourse. | ||
(b) Section 28 of the Principal Act shall apply in relation to assets of an authorised racecourse as if— | ||
(i) references in subsections (1) and (2) of that section to new assets ceasing to be used for the purposes of a trade included a reference to new assets ceasing to be assets of an authorised racecourse, and | ||
(ii) paragraph (b) of section (8) had not been enacted. | ||
(c) In this subsection— | ||
‘assets of an authorised racecourse’ means assets of a racecourse which is an authorised racecourse where the assets are used for the provision of appropriate facilities or services to carry on horseracing at race meetings or to accommodate persons associated with horseracing, including members of the public; | ||
‘authorised racecourse’ has the same meaning as it has in section 2 of the Irish Horseracing Industry Act, 1994 .”. | ||
(2) This section shall be deemed to apply and have effect in respect of relevant disposals made on or after the 6th day of April, 1995. |