Capital Gains Tax (Amendment) Act, 1978

Amendment of section 15 (settled property) of Principal Act.

7.—(1) Section 15 of the Principal Act is hereby amended by the substitution for subsection (4) (b) of the following paragraph:

“(b) the re-acquisition under that subsection shall be deemed to be for a consideration equal to the market value of the assets at the date of the death.”.

(2) This section shall apply in relation to a disposal of assets made on or after the 6th day of April, 1978, by a trustee of the kind referred to in subsection (4) of the said section 15, in his capacity as a trustee within section 8 (3) of the Principal Act, or by the person becoming absolutely entitled to the assets in the circumstances referred to in the said subsection (4).