Finance Act 2006
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Chapter 5 Capital Gains Tax | ||
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Amendment of section 598 (disposals of business or farm on “retirement”) of Principal Act. |
70.— (1) Section 598 of the Principal Act is amended in subsection (1)— | |
(a) in paragraph (a)— | ||
(i) before the definition of “chargeable business asset” by inserting the following: | ||
“ ‘certificate’ has the same meaning as it has for the purposes of Regulation 8(8)(c)(ii) of the European Communities (Milk Quota) Regulations 2000 ( S.I. No. 94 of 2000 ) as amended or extended from time to time;”, | ||
(ii) after the definition of “holding company” by inserting the following: | ||
“ ‘milk production partnership’ has the meaning assigned to it by the European Communities (Milk Quota) Regulations 2000 ( S.I. No. 94 of 2000 ) as amended or extended from time to time; | ||
‘payment entitlement’ has the same meaning as it has for the purposes of Council Regulation (EC) No. 1782/2003 of 29 September 2003 7 ;”, | ||
and | ||
(iii) in the definition of “qualifying assets” by inserting the following after subparagraph (ii): | ||
“(iia) payment entitlements, where they are disposed of at the same time and to the same person as land to the extent that the land would support a claim to payment in respect of those payment entitlements,”, | ||
and | ||
(b) in paragraph (d) by inserting the following after subparagraph (iia): | ||
“(iib) the period of use of land by an individual as a partner in a milk production partnership as if it were also a period of use by the spouse of the individual where the spouse— | ||
(I) is a co-owner of the land, | ||
(II) used the land for a period ending on the date the milk production partnership commenced, and | ||
(III) was issued with a certificate by the Minister for Agriculture and Food,”. | ||
(2) Subsection (1) shall be deemed to have applied as on and from 1 January 2005. | ||