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Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.
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56.— (1) Section 980 of the Principal Act is amended—
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(a) by substituting the following for subsection (5):
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“(5) Where any payment referred to in subsection (4)(a) is made by or on behalf of any person, that person shall, within 30 days of the date of the payment, deliver to the Revenue Commissioners an account of the payment and of the amount deducted from the payment, and pay to the Collector-General an amount of capital gains tax equal to 15 per cent of the amount of the payment.
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(5A) Capital gains tax which by virtue of subsection (5) is payable by a person who makes a payment shall—
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(a) be payable by that person in addition to any capital gains tax which by virtue of any other provision of the Capital Gains Tax Acts is payable by that person,
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(b) be due within 30 days of the time when the payment is made, and
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(c) be payable by that person without the making of an assessment,
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but tax which has become so due may be assessed on the person making the payment (whether or not the tax has been paid when the assessment is made) if that tax or any part of that tax is not paid on or before the due date.”,
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(b) by substituting the following for subsection (7):
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“(7) Where the amount of capital gains tax which, by virtue of subsection (5A), a person has become liable to pay to the Collector-General, has been so paid, appropriate relief shall, on a claim being made in that behalf, be given to the person chargeable in respect of the gain on the disposal, whether by discharge, repayment or otherwise.”,
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and
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(c) by deleting subsection (10).
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(2) This section applies to disposals made on or after the date of the passing of this Act.
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