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Amendment of section 652 (non-application of reliefs on replacement of assets in case of relevant disposals) of Principal Act.
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95.—(1) Section 652 of the Principal Act is amended by the substitution for subsection (5) of the following:
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“(5) (a) Subsection (4) shall not apply to a relevant disposal made to an authority possessing compulsory purchase powers where the disposal is made—
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(i) for the purposes of enabling the authority to construct, widen or extend a road or part of a road, or
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(ii) for a purpose connected with or ancillary to the construction, widening or extension of a road or part of a road by the authority.
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(b) Where section 605 applies to a relevant disposal by virtue of this subsection that section shall be construed as if for subsection (4) of that section the following were substituted:
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‘(4) This section shall apply only if the acquisition of the replacement assets takes place, or an unconditional contract for the acquisition is entered into, in the period beginning 2 years before and ending 8 years after the disposal of the original assets, or at such earlier or later time as the Revenue Commissioners may by notice in writing allow; but, where an unconditional contract for the acquisition is so entered into, this section may be applied on a provisional basis without ascertaining whether the replacement assets are acquired in pursuance of the contract, and when that fact is ascertained all necessary adjustments shall be made by making assessments or by repayment or discharge of tax, and shall be so made notwithstanding any limitation in the Capital Gains Tax Acts on the time within which assessments may be made.’.”.
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(2) This section shall apply to relevant disposals made on or after 6 December 2000.
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