Finance Act, 1998
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Amendment of section 652 (non-application of reliefs on replacement of assets in case of relevant disposals) of Principal Act. |
73.—(1) Section 652 of the Principal Act is hereby amended by the insertion of the following subsections after subsection (3)— | |
“(3A) (a) In this subsection— | ||
‘greyhound race’, ‘greyhound race track’ and ‘greyhound race track licence’ have the same meanings respectively as in section 2 of the Greyhound Industry Act, 1958 ; | ||
‘assets of an authorised greyhound race track’ means assets of a greyhound race track which is an authorised greyhound race track where the assets are used for the provision of appropriate facilities or services to hold greyhound races or to accommodate persons associated with greyhound racing, including members of the public; | ||
‘authorised greyhound race track’ means a greyhound race track in respect of which a greyhound race track licence has been granted, and that licence has not been revoked. | ||
(b) Subject to paragraph (c), subsection (1) shall not apply to consideration obtained for a relevant disposal where— | ||
(i) throughout a period of 5 years ending with the time of disposal the old assets, and | ||
(ii) the new assets within the meaning of section 597, | ||
are assets of an authorised greyhound race track. | ||
(c) Section 597 shall apply in relation to assets of an authorised greyhound race track as if— | ||
(i) references in subsections (4) and (5) 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 greyhound race track, and | ||
(ii) subsection (11)(b) had not been enacted. | ||
(3B) Subsection (1) shall not apply to consideration obtained for a relevant disposal effected by an order made under section 28 (1) of the Dublin Docklands Development Authority Act, 1997 .”. | ||
(2) This section shall apply in respect of relevant disposals made on or after the 6th day of April, 1998. |