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Amendment of provisions relating to exit tax
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38. (1) The Principal Act is amended—
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(a) in section 627—
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(i) in subsection (2) —
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(I) by inserting “or, in the case of paragraph (c), at the time specified in subsection (2A)” after “event concerned”, and
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(II) by deleting “, being a company that is resident in a Member State (other than the State),” in paragraphs (a) and (b),
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and
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(ii) by inserting the following after subsection (2):
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“(2A) Notwithstanding anything in subsection (2), as respects the event referred to in paragraph (c) of that subsection, the time immediately before the company referred to in that paragraph ceases to be resident in the State is to be taken as the time at which the company shall be deemed to have disposed of all its assets (other than assets excepted from that paragraph by subsection (6)) and to have immediately reacquired them at their market value.”,
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and
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(b) in section 629B, by substituting “section 32” for “section 30” in subsection (1).
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(2)(a) Subsection (1)(a) shall apply in respect of disposals made on or after 9 October 2019 to which section 627(2) of the Principal Act applies.
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(b) Subsection (1)(b) shall be deemed to have applied on and from 10 October 2018.
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