Finance Act 2010

Amendment of section 590 (attribution to participators of chargeable gains accruing to non-resident company) of Principal Act.

57.— (1) Section 590 of the Principal Act is amended by substituting the following for subsection (7)(a):

“(a) a chargeable gain accruing on the disposal of assets, being—

(i) tangible property, whether movable or immovable, or a lease of such property, or

(ii) specified intangible assets within the meaning of section 291A(1),

where the assets were used, and used only, for the purposes of a trade carried on by a company, or by another company which is a member of the same group (within the meaning of subsection (16)) as the first-mentioned company, wholly outside the State,”.

(2) This section applies to disposals made on or after 4 February 2010.