{"id":10855,"date":"2022-04-16T12:17:16","date_gmt":"2022-04-16T12:17:16","guid":{"rendered":"http:\/\/legalblog.ie\/?p=10855"},"modified":"2024-03-31T22:04:12","modified_gmt":"2024-03-31T22:04:12","slug":"property-disposal-reliefs","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/property-disposal-reliefs\/","title":{"rendered":"Property Disposal Reliefs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/#Principal_Private_Residence\" title=\"Principal Private Residence\">Principal Private Residence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/#Transfer_of_Site_to_Child\" title=\"Transfer of Site to Child\">Transfer of Site to Child<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/#Clawback\" title=\"Clawback\">Clawback<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/#Seven_year_Holding\" title=\"Seven year Holding\">Seven year Holding<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#TAXES_CONSOLIDATION_ACT\" title=\"TAXES CONSOLIDATION ACT\">TAXES CONSOLIDATION ACT<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Replacement_of_qualifying_premises\" title=\"Replacement of qualifying premises.\">Replacement of qualifying premises.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Other_reliefs_and_exemptions_ss_601-613A\" title=\"Other reliefs and exemptions (ss. 601-613A)\">Other reliefs and exemptions (ss. 601-613A)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Annual_exempt_amount\" title=\"Annual exempt amount.\">Annual exempt amount.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Chattel_exemption\" title=\"Chattel exemption.\">Chattel exemption.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Disposal_of_site_to_child\" title=\"Disposal of site to child.\">Disposal of site to child.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Disposals_of_principal_private_residence\" title=\"Disposals of principal private residence.\">Disposals of principal private residence.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Relief_for_farm_restructuring\" title=\"Relief for farm restructuring.\">Relief for farm restructuring.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Exemption_of_certain_payment_entitlements\" title=\"Exemption of certain payment entitlements.\">Exemption of certain payment entitlements.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Disposals_to_authority_possessing_compulsory_purchase_powers\" title=\"Disposals to authority possessing compulsory purchase powers.\">Disposals to authority possessing compulsory purchase powers.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/legalblog.ie\/property-disposal-reliefs\/2\/#Disposals_of_work_of_art_etc_loaned_for_public_display\" title=\"Disposals of work of art, etc., loaned for public display.\">Disposals of work of art, etc., loaned for public display.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Principal_Private_Residence\"><\/span>Principal Private Residence<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The sale of a principal private residence is exempt from the tax. The exemption applies in full only if it has been used as the seller\u2019s sole or main residence throughout his period of ownership. The residence must be a dwellinghouse and land up to an acre.<\/p>\n<p>A person can only have one principal private residence at a time. A married couple may have one principal private residence only.An individual or married couple, living together may choose to have notify one property as his or her principal private residence. The relief also applies to a property occupied by a dependent relative.<\/p>\n<p>The relief also applies to a dwellinghouse which during the period of ownership is used as as the sole residence of a dependent relative rent-free. Only one such residence may qualify.<\/p>\n<p>Where person is beneficiary under a trust settlement and occupies a property part of the trust\/settle assets as principal private residence then these relief is available to the trustees of the settlement on disposal.<\/p>\n<p>Absences<\/p>\n<p>Where a property has not been used as a principal private residence throughout the whole period of ownership, then part of the gain, proportionate the period of occupation during ownership is exempt. Periods prior to commencement of CGT taxation in 1974 are ignored. Only the\u00a0 proportionate period since the legislation was then is counted.<\/p>\n<p>There are special exemptions, which count back part of the period when the property was not occupied, because he was obliged to work elsewhere as a condition of employment. The total periods or periods of employment absences, must not exceed four years. The \u00a0last twelvemonths is deemed to be occupied, but the persons must reside in the property again after the end of the period away.<\/p>\n<p>Development Potential<\/p>\n<p>The relief does not apply where any element of the value of the property reflects potential development value. There is deemed to be development value where the value of the land is different to that\u00a0 which it would be, if any change of use or works were prohibited. This excludes all element of hope value.<\/p>\n<p>Where there is hope value due to potential planning permission this is excluded from the exemption. The current use\u00a0 value only is exempted.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Transfer_of_Site_to_Child\"><\/span>Transfer of Site to Child<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A transfer of land to a child is exempt, subject to certain conditions;.<\/p>\n<ul>\n<li>the value must not exceed \u20ac500,000;<\/li>\n<li>the site must not exceed 1 acre in area; and<\/li>\n<li>the purpose must be to construct a dwelling house as a residence.<\/li>\n<\/ul>\n<p>A child is deemed to include a foster child residing with and under the care and maintenance of the person making the disposal for at least five years in total before the person reached the age of 18 years. A child is also deemed to include the\u00a0 spouse or civil partner of the child concerned.<\/p>\n<p>The relief applies\u00a0 transfer of a site by a parent (or both parents simultaneously) to a child of the parents or one of the parents or on the transfer of a site by a civil partner (or both civil partners simultaneously) to a child of either civil partner.<\/p>\n<p>Both a child and his or her spouse\/civil partner may avail of the relief. The amendment will apply to disposals made on or after 1 January 2019.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Clawback\"><\/span>Clawback<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The relief may be clawed back (retrospectively disallowed) if the child does not comply with conditions. The clawback will be assessed on the child.<\/p>\n<p>Clawback may occur if the child disposes of the site received other than to his or her spouse and land does not contain a dwelling house constructed by the child since the acquisition which has been occupied by the child as his only or main residence for a period of at least three years.<\/p>\n<p>The relief is available once for a transfer between parent and child in the absence of clawback.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Seven_year_Holding\"><\/span>Seven year Holding<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>FA 2012 introduced a new CGT relief for properties purchased between 7th December 2011 and 31st December 2013, where the property is held for more than seven years.\u00a0 It applies to land or buildings situate in an EU or EFTA state.\u00a0 The gain is relieved by the proportion that the period of seven years bears to the period of ownership<\/p>\n<p>The\u00a0 relief was\u00a0amended by Finance Act 2017. Full exemption from capital gains tax is given where the asset is\u00a0 are disposed of in the period commencing four years from when they are acquired and ending seven years after that date. This applies to disposals made after 1<sup>st<\/sup> January 2018.<\/p>\n<p><!--nextpage--><\/p>\n<h2>TAXES CONSOLIDATION ACT<\/h2>\n<p>&nbsp;<\/p>\n<p>600A.<\/p>\n<h4>Replacement of qualifying premises.<\/h4>\n<p>(1)In this section &#8211;<\/p>\n<p>&#8216;qualifying premises&#8217;, in relation to a person, means a building or part of a building, or an interest in a building or a part of a building &#8211;<\/p>\n<p>(a)in which there is one or more residential units,<\/p>\n<p>(b)in respect of which the person is entitled to a rent or to receipts from any easement, and<\/p>\n<p>(c)in respect of which all the requirements of the Regulations are complied with;<\/p>\n<p>&#8216;Regulations&#8217; means &#8211;<\/p>\n<p>(i)the Housing (Standards for Rented Houses) Regulations, 1993 (S.I. No. 147 of 1993),<\/p>\n<p>(ii)the Housing (Rent Books) Regulations, 1993 (S.I. No. 146 of 1993), and<\/p>\n<p>(iii)the Housing (Registration of Rented Houses) Regulations, 1996, as amended by the Housing (Registration of Rented Houses) (Amendment) Regulations, 2000 (S.I. No. 12 of 2000);<\/p>\n<p>&#8216;replacement premises&#8217;, in relation to a person, means a building or part of a building, or an interest in a building or a part of a building &#8211;<\/p>\n<p>(a)which the person acquires with the consideration obtained by the person from the disposal of a qualifying premises,<\/p>\n<p>(b)in which the number of residential units is &#8211;<\/p>\n<p>(i)not less than 3, and<\/p>\n<p>(ii)not less than the number of residential units in the qualifying premises,<\/p>\n<p>(c)in respect of which the person is entitled to a rent or to receipts from any easement, and<\/p>\n<p>(d)in respect of which all the requirements of the Regulations are complied with;<\/p>\n<p>&#8216;residential unit&#8217; means a separately contained part of a residential premises used or suitable for use as a dwelling.<\/p>\n<p>(2)<\/p>\n<p>(a)Where the consideration which a person obtains for the disposal, before 4 December 2002, of a qualifying premises, which was a qualifying premises throughout the period of its ownership by the person, is applied by that person in acquiring a replacement premises, then the person shall, subject to paragraph (b), be treated for the purposes of the Capital Gains Tax Acts as if the chargeable gain accruing on the disposal of the qualifying premises did not accrue until &#8211;<\/p>\n<p>(i)that person disposes of the replacement premises, or<\/p>\n<p>(ii)the replacement premises ceases to be a replacement premises.<\/p>\n<p>(b)Where the consideration for the disposal of the replacement premises is applied by a person in acquiring a further replacement premises then, the person shall be treated as if the chargeable gain accruing on the disposal of the qualifying premises did not accrue until that person disposes of the further replacement premises or any other further replacement premises which are acquired in a similar manner, or that further replacement premises or any other further replacement premises which are acquired in a similar manner, cease to be a replacement premises.<\/p>\n<p>(3)Subsection (2) shall not apply if part only of the amount or value of the consideration for the disposal of the qualifying premises is applied as described in that subsection; but if all of the amount or value of the consideration except for a part which is less than the amount of the gain (whether all chargeable or not) accruing on the disposal of the qualifying premises is so applied, then, the person shall on making a claim in that behalf be treated for the purposes of the Capital Gains Tax Acts &#8211;<\/p>\n<p>(a)as if the amount of the gain accruing on the disposal of the qualifying premises were reduced to the amount of consideration not applied in the acquisition of the replacement premises (and if not all chargeable gain with a proportionate reduction in the amount of the chargeable gain), and<\/p>\n<p>(b)in respect of the balance of the gain or chargeable gain as if it did not accrue until that person disposes of the replacement premises or the replacement premises ceases to be a replacement premises.<\/p>\n<p>(4)A chargeable gain or the balance of a chargeable gain which under subsection (2) or (3), as may be appropriate, is treated as accruing on a date later than the date of the disposal on which it accrued shall not be so treated for the purposes of section 556.<\/p>\n<p>(5)This section shall apply only if the acquisition of the replacement premises takes place, or an unconditional contract for the acquisition is entered into, in the period beginning 12 months before and ending 3 years after the disposal of the qualifying premises, or at such earlier or later time as the Revenue Commissioners may by notice in writing allow; but, where an unconditional contract for the acquisition is so entered into, this section may be applied on a provisional basis without waiting to ascertain whether the replacement premises is acquired in pursuance of the contract, and when that fact is ascertained all necessary adjustments shall be made by making assessments or by repayment or discharge of tax, and shall be so made notwithstanding any limitation in the Capital Gains Tax Acts on the time within which assessments may be made or any limitation in section 865(4) on the time within which a claim for a repayment of tax is required to be made.<\/p>\n<p>(6)This section shall not apply if the acquisition of the replacement premises was wholly or partly for the purpose of realising a gain from the disposal of the replacement premises.<\/p>\n<p>(7)Where the qualifying premises was not a qualifying premises throughout the period of ownership of a person making a claim under this section, the section shall apply as if a part of the qualifying premises representing the period for which it was a qualifying premises was a separate asset, and this section shall apply in relation to that part subject to any necessary apportionments of consideration for an acquisition or disposal of the interest in the premises.<\/p>\n<p>(8)Without prejudice to the provisions of the Capital Gains Tax Acts providing generally for apportionments, where consideration is given for the acquisition or disposal of assets some or part of which are assets in relation to which a claim under subsection (2) or (3) applies, and some or part of which are not, the consideration shall be apportioned in such manner as is just and reasonable.<\/p>\n<p>Chapter 6A Relief for investment in innovative enterprises (ss. 600B-600R)<br \/>\n600B. Interpretation.<br \/>\n[Section requires commencement]<\/p>\n<p>600C. Qualifying company.<br \/>\n[Section requires commencement]<\/p>\n<p>600D. Qualifying subsidiary.<br \/>\n[Section requires commencement]<\/p>\n<p>600E. Qualifying investment (company perspective).<br \/>\n[Section requires commencement]<\/p>\n<p>600F. Certificates of qualification.<br \/>\n[Section requires commencement]<\/p>\n<p>600G. Subscription for shares.<br \/>\n[Section requires commencement]<\/p>\n<p>600H. Qualifying investor.<br \/>\n[Section requires commencement]<\/p>\n<p>600I. Anti-avoidance: qualifying investor.<br \/>\n[Section requires commencement]<\/p>\n<p>600J. Qualifying investment (investor perspective).<br \/>\n[Section requires commencement]<\/p>\n<p>600K. Anti-avoidance: qualifying investment (shares).<br \/>\n[Section requires commencement]<\/p>\n<p>600L. Anti-avoidance: qualifying investment (investor perspective).<br \/>\n[Section requires commencement]<\/p>\n<p>600M. Relief.<br \/>\n[Section requires commencement]<\/p>\n<p>600N. Qualifying partnership.<br \/>\n[Section requires commencement]<\/p>\n<p>600O. Interaction of relief with other provisions of this Act.<br \/>\n[Section requires commencement]<\/p>\n<p>600P. Failure to comply with requirements of this Chapter.<br \/>\n[Section requires commencement]<\/p>\n<p>600Q. Powers.<br \/>\n[Section requires commencement]<\/p>\n<p>600R. Application of this Chapter.<br \/>\n[Section requires commencement]<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Chapter 7<\/p>\n<h4>Other reliefs and exemptions (ss. 601-613A)<\/h4>\n<p>601.<\/p>\n<h4>Annual exempt amount.<\/h4>\n<p>(1)An individual shall not be chargeable to capital gains tax for a year of assessment if the amount on which he or she is chargeable to capital gains tax under section 31 for that year does not exceed \u20ac1,270.<\/p>\n<p>(2)Where the amount on which an individual is chargeable to capital gains tax under section 31 for a year of assessment exceeds \u20ac1,270, only the excess of that amount over \u20ac1,270 shall be charged to capital gains tax for that year.<\/p>\n<p>(3)Where, on the assumption that subsection (2) did not apply, an individual would be chargeable under the Capital Gains Tax Acts at more than one rate of tax for a year of assessment, the relief to be given under that subsection in respect of the first \u20ac1,270 of chargeable gains shall be given &#8211;<\/p>\n<p>(a)if the individual would be so chargeable at 2 different rates, in respect of the chargeable gains which would be so chargeable at the higher of those rates and, in so far as relief cannot be so given, in respect of the chargeable gains which would be so chargeable at the lower of those rates, and<\/p>\n<p>(b)if the individual would be so chargeable at 3 or more rates, in respect of the chargeable gains which would be so chargeable at the highest of those rates and, in so far as relief cannot be so given, in respect of the chargeable gains which would be so chargeable at the next highest of those rates, and so on.<\/p>\n<p>(4)In the case of an individual who dies in the year of assessment, this section shall apply with the substitution for the reference to the individual of a reference to his or her personal representatives, and the amount of chargeable gains shall be that on which the personal representatives are chargeable in respect of gains accruing before death.<\/p>\n<p>(5)Relief shall not be given under this section where relief is allowed under section 598 or 599.<\/p>\n<p>602.<\/p>\n<h4>Chattel exemption.<\/h4>\n<p>(1)In this section, tangible movable property shall not include a wasting asset within the meaning of section 560.<\/p>\n<p>(2)Subject to this section, a gain accruing on a disposal by an individual of an asset which is tangible movable property shall not be a chargeable gain if the amount or value of the consideration for the disposal does not exceed \u20ac2,540.<\/p>\n<p>(3)<\/p>\n<p>(a)The amount of capital gains tax chargeable in respect of a gain accruing on a disposal within subsection (2) for a consideration the amount or value of which exceeds \u20ac2,540 shall not exceed 50 per cent of the difference between the amount of that consideration and \u20ac2,540.<\/p>\n<p>(b)For the purposes of this subsection, the capital gains tax chargeable in respect of the gain shall be the amount of tax which would not have been chargeable but for that gain.<\/p>\n<p>(4)Subsections (2) and (3) shall not affect the amount of an allowable loss accruing on the disposal of an asset, but for the purposes of computing under the Capital Gains Tax Acts the amount of a loss accruing on the disposal by an individual of tangible movable property the consideration for the disposal shall, if less than \u20ac2,540, be deemed to be \u20ac2,540 and the losses which are allowable losses shall be restricted accordingly.<\/p>\n<p>(5)Where 2 or more assets which have formed part of a set of articles of any description all owned at one time by one person are disposed of by that person &#8211;<\/p>\n<p>(a)to the same person, or<\/p>\n<p>(b)to persons who are acting in concert or who are connected persons,<\/p>\n<p>whether on the same or different occasions, the 2 or more transactions shall be treated as a single transaction disposing of a single asset, but with any necessary apportionments of the reductions in tax and in allowable losses under subsections (3) and (4), and this subsection shall also apply where the assets or some of the assets are disposed of on different occasions, and one of those occasions falls after the 28th day of February, 1974, but before the 6th day of April, 1974, but not so as to make any gain accruing on a disposal before the 6th day of April, 1974, a chargeable gain.<\/p>\n<p>(6)Where the disposal is of a right or interest in or over tangible movable property, then &#8211;<\/p>\n<p>(a)in the first instance, subsections (2) to (4) shall be applied in relation to the asset as a whole, taking the consideration as including, in addition to the consideration for the disposal (in this subsection referred to as &#8220;the actual consideration&#8221;), the market value of what remains undisposed of,<\/p>\n<p>(b)if the sum of the actual consideration and that market value exceeds \u00a32,000, the limitation on the amount of tax in subsection (3) shall be to 50 per cent of the difference between that sum and \u00a32,000 multiplied by the fraction equal to the actual consideration divided by that sum, and<\/p>\n<p>(c)if that sum is less than \u00a32,000, any loss shall be restricted under subsection (4) by deeming the consideration to be the actual consideration plus that fraction of the difference between that sum and \u00a32,000.<\/p>\n<p>(7)This section shall not apply &#8211;<\/p>\n<p>(a)in relation to a disposal of commodities of any description by a person dealing on a terminal market or dealing with or through a person ordinarily engaged in dealing on a terminal market, or<\/p>\n<p>(b)in relation to a disposal of currency of any description.<\/p>\n<p>603. Wasting chattels.<br \/>\n(1)Subject to this section, no chargeable gain shall accrue on the disposal of or of an interest in an asset which is tangible movable property and a wasting asset.<\/p>\n<p>(2)Subsection (1) shall not apply to a disposal of or of an interest in an asset where &#8211;<\/p>\n<p>(a)subject to subsection (5), from the beginning of the period of ownership of the person making the disposal to the time when the disposal is made, the asset has been used and used solely for the purposes of a trade or profession and that person has claimed or could have claimed any capital allowance in respect of any expenditure attributable to the asset or interest under paragraph (a) or (b) of section 552(1), or<\/p>\n<p>(b)the person making the disposal has incurred any expenditure on the asset or interest which has otherwise qualified in full for any capital allowance.<\/p>\n<p>(3)In the case of the disposal of or of an interest in an asset which, in the period of ownership of the person making the disposal, has been used partly for the purposes of a trade or profession and partly for other purposes, or has been used for the purposes of a trade or profession for part of that period, or which has otherwise qualified in part only for capital allowances &#8211;<\/p>\n<p>(a)the consideration for the disposal and any expenditure attributable to the asset or interest under paragraph (a) or (b) of section 552(1) shall be apportioned by reference to the extent to which that expenditure qualified for capital allowances,<\/p>\n<p>(b)the computation of the gain shall be made separately in relation to the apportioned parts of the expenditure and consideration, and<\/p>\n<p>(c)subsection (1) shall not apply to any gain accruing by reference to the computation in relation to the part of the consideration apportioned to use for the purposes of the trade or profession, or to the expenditure qualifying for capital allowances.<\/p>\n<p>(4)Subsection (1) shall not apply to a disposal of commodities of any description by a person dealing on a terminal market or dealing with or through a person ordinarily engaged in dealing on a terminal market.<\/p>\n<p>(5)Subsection (1) shall not apply to the disposal of machinery or plant, or an interest in machinery or plant, where &#8211;<\/p>\n<p>(a)the machinery or plant was previously the subject of a lease, on the terms described in section 299(1), and<\/p>\n<p>(b)the person disposing of the asset is or was the lessor in respect of that lease.<\/p>\n<p>603A.<\/p>\n<h4>Disposal of site to child.<\/h4>\n<p>(1)In this section &#8216;child of a parent&#8217;, in relation to a disposal for which relief is claimed under this section, includes an individual who resided with, was under the care of and was maintained at the expense of the person making the disposal throughout &#8211;<\/p>\n<p>(a)a period of 5 years, or<\/p>\n<p>(b)periods which together comprised at least 5 years,<\/p>\n<p>before the first-mentioned individual attained the age of 18 years but only if such claim is not based on the uncorroborated testimony of one witness, and a disposal by a parent to a child of a parent shall be construed accordingly.<\/p>\n<p>(1A)This section applies to the disposal of land which at the date of the disposal &#8211;<\/p>\n<p>(a)has a market value that does not exceed \u20ac500,000, and<\/p>\n<p>(b)comprises &#8211;<\/p>\n<p>(i)the area of land on which a dwelling house referred to in subsection (2)(b) is to be constructed, and<\/p>\n<p>(ii)an area of land for occupation and enjoyment with that dwelling house as its garden or grounds which, exclusive of the area referred to in subparagraph (i), does not exceed 0.4047 hectare.<\/p>\n<p>(2)Subject to this section, a chargeable gain shall not accrue on a disposal of land to which this section applies where the disposal &#8211;<\/p>\n<p>(a)is by a parent or the civil partner of a parent to a child of the parent, and<\/p>\n<p>(b)is for the purpose of enabling the child to construct a dwelling house on the land which dwelling house is to be occupied by the child as his or her only or main residence.<\/p>\n<p>(2A)For the purposes of subsection (2) &#8216;disposal&#8217; includes a simultaneous disposal by both parents.<\/p>\n<p>(3)Where a child &#8211;<\/p>\n<p>(a)at any time disposes of the land or a part of the land referred to in subsection (2), other than to his or her spouse or civil partner, and<\/p>\n<p>(b)the land being disposed of does not contain a dwelling house which &#8211;<\/p>\n<p>(i)was constructed by the child since the time of acquisition of the land, and<\/p>\n<p>(ii)has been occupied by the child as his or her only or main residence for a period of 3 years,<\/p>\n<p>the chargeable gain which, but for subsection (2), would have accrued on the disposal of that land to the child, shall be treated as accruing to the child at the time of the disposal referred to in paragraph (a).<\/p>\n<p>(4)Where subsection (2) applies to a disposal of land by a parent to a child, it shall not apply to any such subsequent disposal to that child unless, by virtue of subsection (3), the full amount of the chargeable gain which, but for subsection (2) would have accrued to the parent, is treated as accruing to the child.<\/p>\n<p>(5)<\/p>\n<p>(a)This section applies to the disposal of a site to a child of an individual&#8217;s civil partner if all other conditions of this section have been met.<\/p>\n<p>(b)For the purposes of paragraph (a), &#8220;disposal&#8221; includes a simultaneous disposal by both civil partners concerned.<\/p>\n<p>(6)The reference in subsection (2)(a) to a &#8216;child of the parent&#8217; and the references in subsections (2)(b), (3), (4) and (5) to &#8216;child&#8217; shall be deemed to include the spouse or civil partner of the child concerned.<\/p>\n<p>604.<\/p>\n<h4>Disposals of principal private residence.<\/h4>\n<p>(1)In this section,<\/p>\n<p>&#8220;the period of ownership&#8221; &#8211;<\/p>\n<p>(a)where the individual has had different interests at different times, shall be taken to begin from the first acquisition taken into account in determining the expenditure which under the Capital Gains Tax Acts is allowable as a deduction in computing the amount of the gain to which this section applies, and<\/p>\n<p>(b)for the purposes of subsections (3) to (5), shall not include any period before the 6th day of April, 1974.<\/p>\n<p>(2)This section shall apply to a gain accruing to an individual on the disposal of or of an interest in &#8211;<\/p>\n<p>(a)a dwelling house or part of a dwelling house which is or has been occupied by the individual as his or her only or main residence, or<\/p>\n<p>(b)land which the individual has for his or her own occupation and enjoyment with that residence as its garden or grounds up to an area (exclusive of the site of the dwelling house) not exceeding one acre;<\/p>\n<p>but, where part of the land occupied with a residence is and part is not within this subsection, then, that part shall be taken to be within this subsection which, if the remainder were separately occupied, would be the most suitable for occupation and enjoyment with the residence.<\/p>\n<p>(3)The gain shall not be a chargeable gain if the dwelling house or the part of a dwelling house has been occupied by the individual as his or her only or main residence throughout the period of ownership or throughout the period of ownership except for all or any part of the last 12 months of that period.<\/p>\n<p>(4)Where subsection (3) does not apply, such portion of the gain shall not be a chargeable gain as represents the same proportion of the gain as the length of the part or parts of the period of ownership during which the dwelling house or the part of a dwelling house was occupied by the individual as his or her only or main residence, but inclusive of the last 12 months of the period of ownership in any event, bears to the length of the period of ownership.<\/p>\n<p>(5)<\/p>\n<p>(a)In this subsection, &#8220;period of absence&#8221; means a period during which the dwelling house or part of a dwelling house was not the individual&#8217;s only or main residence and throughout which he or she had no residence or main residence eligible for relief under this section.<\/p>\n<p>(b)For the purposes of subsections (3) and (4) &#8211;<\/p>\n<p>(i)any period of absence throughout which the individual worked in an employment or office all the duties of which were performed outside the State, and<\/p>\n<p>(ii)in addition, any period of absence not exceeding 4 years (or periods of absence which together did not exceed 4 years) throughout which the individual was prevented from residing in the dwelling house or the part of a dwelling house in consequence of the situation of the individual&#8217;s place of work or in consequence of any condition imposed by the individual&#8217;s employer requiring the individual to reside elsewhere, being a condition reasonably imposed to secure the effective performance by the employee of the employee&#8217;s duties,<\/p>\n<p>shall be treated as if in that period of absence the dwelling house or the part of a dwelling house was occupied by the individual as his or her only or main residence if both before and after the period the dwelling house (or the part in question) was occupied by the individual as his or her only or main residence.<\/p>\n<p>(6)Where the gain accrues from the disposal of a dwelling house or part of a dwelling house part of which is used exclusively for the purposes of a trade, business or profession, the gain shall be apportioned and subsections (2) to (5) shall apply in relation to the part of the gain apportioned to the part which is not exclusively used for those purposes.<\/p>\n<p>(7)Where at any time in the period of ownership there is a change in the dwelling house or the part of it which is occupied as the individual&#8217;s residence, whether on account of a reconstruction or conversion of a building or for any other reason, or there have been changes as regards the use of part of the dwelling house for the purpose of a trade, business or profession or for any other purpose, the relief given by this section may be adjusted in such manner as the inspector and the individual may agree, or as the Appeal Commissioners may on an appeal against an assessment consider to be just and reasonable.<\/p>\n<p>(8)For the purposes of this section, an individual shall not be treated as having more than one main residence at any one time and in so far as it is necessary to determine which of 2 or more residences is an individual&#8217;s main residence for any period &#8211;<\/p>\n<p>(a)that question may be determined by agreement between the inspector and the individual on the latter giving notice in writing to the inspector by the end of the year 1975-76 or within 2 years from the beginning of the period, and<\/p>\n<p>(b)failing such agreement, the question shall be determined by the inspector as respects either the whole or specified parts of the period of ownership in question.<\/p>\n<p>(8A)The inspector shall give notice of a determination under subsection (8)(b) to the individual who, if aggrieved by the determination, may appeal it to the Appeal Commissioners, in accordance with section 949I, within the period of 30 days after the date of the notice of that determination.<\/p>\n<p>(9)In the case of a man and his wife living with him, or civil partners living together &#8211;<\/p>\n<p>(a)there may be for the purposes of this section only one residence or main residence for both so long as they are living together and, where a notice under subsection (8)(a) affects both the husband and his wife or both civil partners, it must be made by both,<\/p>\n<p>(b)if the one disposes of, or of his or her interest in, the dwelling house or part of a dwelling house which is their only or main residence to the other, or if it passes on death to the other as legatee, the other&#8217;s period of ownership shall begin with the beginning of the period of ownership of the one making the disposal or from whom it passes on death,<\/p>\n<p>(c)if paragraph (b) applies but the dwelling house or part of a dwelling house was not the only or main residence of both throughout the period of ownership of the one making the disposal, account shall be taken of any part of that period during which it was the only or main residence of the one as if it was also the only or main residence of the other, and<\/p>\n<p>(d)any notice under subsection (8)(b) which affects a residence owned by the husband and a residence owned by the wife, or a residence owned by one civil partner and a residence owned by the other civil partner, shall be given to each and either may appeal under that subsection.<\/p>\n<p>(10)This section shall also apply in relation to a gain accruing to a trustee on a disposal of settled property, being an asset within subsection (2), where during the period of ownership of the trustee the dwelling house or the part of a dwelling house mentioned in that subsection has been the only or main residence of an individual entitled to occupy it under the terms of the settlement, and in this section as so applied &#8211;<\/p>\n<p>(a)references to the individual shall be taken as references to the trustee except in relation to the occupation of the dwelling house or the part of a dwelling house, and<\/p>\n<p>(b)the notice which may be given to the inspector under subsection (8) (a) shall be a joint notice by the trustee and the person entitled to occupy the dwelling house or the part of a dwelling house.<\/p>\n<p>(11)<\/p>\n<p>(a)In this subsection &#8216;dependent relative&#8217;, in relation to an individual, means a relative of the individual, or of the wife or husband of the individual, who is incapacitated by old age or infirmity from maintaining himself or herself, or a person, whether or not he or she is so incapacitated, and &#8211;<\/p>\n<p>(i)who is the widowed father or widowed mother of the individual or of the wife or husband of the individual, or<\/p>\n<p>(ii)who is the father or mother of the individual or of the wife or husband of the individual and is a surviving civil partner who has not subsequently married or entered into another civil partnership.<\/p>\n<p>(b)Where as respects a gain accruing to an individual on the disposal of, or of an interest in, a dwelling house or part of a dwelling house which is, or has at any time in his or her period of ownership been, the sole residence of a dependent relative of the individual, provided rent-free and without any other consideration, the individual so claims, such relief shall be given in respect of it and of its garden or grounds as would be given under this section if the dwelling house (or part of the dwelling house) had been the individual&#8217;s only or main residence in the period of residence by the dependent relative, and shall be so given in addition to any relief available under this section apart from this subsection; but no more than one dwelling house (or part of a dwelling house) may qualify for relief as being the residence of a dependent relative of the claimant at any one time.<\/p>\n<p>(c)Relief under paragraph (b) shall also be given where all other conditions of this section have been met but the residence concerned has been the sole residence of a dependent relative of the civil partner of the individual.<\/p>\n<p>(12)<\/p>\n<p>(a)In this subsection &#8211;<\/p>\n<p>&#8220;base date&#8221;, in relation to an asset disposed of by an individual, means the date of acquisition by the individual of the asset or, if the asset was held by the individual on the 6th day of April, 1974, that date;<\/p>\n<p>&#8220;base value&#8221;, in relation to an asset disposed of by an individual, means the amount or value of the consideration, in money or money&#8217;s worth, given by the individual or on his or her behalf wholly and exclusively for the acquisition of the asset exclusive of the incidental costs to the individual of the acquisition or, if the asset was held by the individual on the 6th day of April, 1974, the market value of the asset on that date;<\/p>\n<p>&#8220;current use value&#8221; and &#8220;development land&#8221; have the same meanings respectively as in section 648.<\/p>\n<p>(b)Where &#8211;<\/p>\n<p>(i)a gain accrues to an individual on the disposal of or of an interest in an asset which is development land, and<\/p>\n<p>(ii)apart from this subsection relief would be given under this section in respect of the disposal of that asset (being an asset within subsection (2) or (11)),<\/p>\n<p>then, subject to paragraph (c), that relief shall be given in respect of the gain (or where appropriate in respect of a portion of the gain) only to the extent (if any) to which such relief would be given if, in computing the chargeable gain accruing on the disposal (notwithstanding that the disposal was a disposal of development land), there were excluded from the computation &#8211;<\/p>\n<p>(I)the amount (if any) by which the base value of the asset exceeds the current use value of the asset on the base date,<\/p>\n<p>(II)the amount by which the consideration for the disposal of the asset exceeds the current use value of the asset on the date of the disposal,<\/p>\n<p>(III)if the asset was not held by the individual on the 6th day of April, 1974, such proportion (if any) of the incidental costs to the individual of the acquisition of the asset as would be referable to the amount (if any) referred to in subparagraph (I), and<\/p>\n<p>(IV)such proportion of the incidental costs to the individual of the disposal of the asset as would be referable to the amount referred to in subparagraph (II).<\/p>\n<p>(c)Paragraph (b) shall not apply to a disposal made by an individual in any year of assessment if the total consideration in respect of all disposals made by that individual in that year and to which that paragraph would otherwise apply does not exceed \u20ac19,050.<\/p>\n<p>(13)Apportionments of consideration shall be made wherever required by this section and in particular where a person disposes of a dwelling house only part of which is the person&#8217;s only or main residence.<\/p>\n<p>(14)This section shall not apply in relation to a gain if the acquisition of or of the interest in the dwelling house or the part of the dwelling house was made wholly or mainly for the purpose of realising a gain from the disposal of it, and shall not apply in relation to a gain in so far as the gain is attributable to any expenditure which was incurred after the beginning of the period of ownership and wholly or mainly for the purpose of realising a gain from the disposal.<\/p>\n<p>(15)<\/p>\n<p>(a)This subsection applies where an individual disposes of or of an interest in an asset (being an asset within subsection (2) or (11)) by way of a lottery or game with prizes and the proceeds of the lottery or game exceed the market value of the asset on the date of the disposal.<\/p>\n<p>(b)Where this subsection applies, the consideration for the purposes of computing any chargeable gain accruing on the disposal referred to in paragraph (a) shall be the whole of the proceeds of the lottery or game referred to in paragraph (a) or, where there is more than one prize, so much of those proceeds as are referable to the asset referred to in paragraph (a).<\/p>\n<p>(c)Where &#8211;<\/p>\n<p>(i)a gain accrues to an individual on a disposal referred to in paragraph (a), and<\/p>\n<p>(ii)apart from this subsection relief would be given under this section in respect of the disposal referred to in paragraph (a),<\/p>\n<p>then that relief shall be given in respect of the gain only to the extent (if any) to which such relief would be given if, in computing the chargeable gain accruing on the disposal, there were excluded from the computation &#8211;<\/p>\n<p>(I)the amount by which the consideration for the disposal of the asset exceeds the market value of the asset on the date of the disposal, and<\/p>\n<p>(II)such proportion of the incidental costs to the individual of the disposal as would be referable to the amount referred to in clause (I).<\/p>\n<p>604A. Relief for certain disposals of land or buildings.<br \/>\n(1)In this section &#8211;<\/p>\n<p>&#8216;EEA Agreement&#8217; means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed in Brussels on 17 March 1993;<\/p>\n<p>&#8216;EEA State&#8217; means a state which is a contracting party to the EEA Agreement.<\/p>\n<p>(2)This section applies to land or buildings situated in any EEA State (including the State) or in the United Kingdom &#8211;<\/p>\n<p>(a)which, notwithstanding any provision in the Capital Gains Tax Acts fixing the amount of the consideration deemed to be received on a disposal or given on acquisition &#8211;<\/p>\n<p>(i)were purchased for a consideration equal to their market value in the period commencing on 7 December 2011 and ending on 31 December 2014, or<\/p>\n<p>(ii)were purchased in the period referred to in subparagraph (i) from a relative (within the meaning of section 10) and the consideration was not less than 75 per cent of their market value at the date they were purchased,<\/p>\n<p>and<\/p>\n<p>(b)which continue in the ownership of the person who purchased that land or those buildings for a period of at least 4 years from the date they were purchased.<\/p>\n<p>(2A)Where a person disposes of land or buildings to which this section applies during the period beginning 4 years after the date they were purchased and ending 7 years after that date, any gain on the disposal of such land or buildings shall not be a chargeable gain.<\/p>\n<p>(3)Without prejudice to subsection (2A), on a disposal of land or buildings to which this section applies, such portion of the gain shall not be a chargeable gain as represents the same proportion of the gain as 7 years bears to the period of ownership of such land or buildings.<\/p>\n<p>(4)Relief under subsection (2A) or (3) shall not apply-<\/p>\n<p>(a)to land or buildings to which this section applies unless any income or profits or gains derived from the land or buildings concerned in the period from the date they were purchased by the person who purchased them is income or profits or gains to which the Income Tax Acts or the Corporation Tax Acts apply, or<\/p>\n<p>(b)where arrangements (within the meaning of section 546A) have been put in place and it can be shown that relief (apart from the relief given under subsection (2A) or (3), as the case may be) would be less if the arrangements had not been put in place.<\/p>\n<p>604B.<\/p>\n<h4>Relief for farm restructuring.<\/h4>\n<p>(1)<\/p>\n<p>(a)In this section &#8211;<\/p>\n<p>&#8216;agricultural land&#8217; means land used for the purposes of farming but does not include buildings on the land;<\/p>\n<p>&#8216;exchange of farm land&#8217; means an exchange under which an interest in agricultural land is conveyed or transferred by a farmer to another farmer in exchange for receiving, by way of conveyance or transfer, an interest in agricultural land from that other farmer and includes an exchange where the agricultural land is conveyed or transferred by or to joint owners where all the joint owners (other than the spouse or civil partner of a joint owner) are farmers; and the date of the exchange shall be the date on which the conveyance or transfer is executed;<\/p>\n<p>&#8216;farm restructuring certificate&#8217; means a certificate issued for the purposes of this section by Teagasc to a farmer in relation to a sale and purchase or an exchange of qualifying land where &#8211;<\/p>\n<p>(i)the first sale or purchase of qualifying land occurs in the relevant period and the subsequent sale or purchase of that land occurs within the period of 24 months commencing on or after the date of the first sale or purchase of such land, or<\/p>\n<p>(ii)the exchange occurs in the relevant period,<\/p>\n<p>and which identifies the land concerned, the owner or owners of such land and certifies that Teagasc is satisfied, on the basis of information available to Teagasc at the time of so certifying, that the sale and purchase or the exchange of qualifying land complies, or will comply, with the conditions relating to farm restructuring set down in the guidelines;<\/p>\n<p>&#8216;farmer&#8217; means an individual who spends not less than 50 per cent of that individual&#8217;s normal working time farming;<\/p>\n<p>&#8216;guidelines&#8217; means guidelines made and published pursuant to paragraph (b)(i);<\/p>\n<p>&#8216;interest in qualifying land&#8217; means an interest in qualifying land which is not subject to any power on the exercise of which the qualifying land, or any part of any interest in the qualifying land, may be revested in the person from whom it was purchased or exchanged or in any person on behalf of such person;<\/p>\n<p>&#8216;purchase of qualifying land&#8217; means a conveyance or transfer of an interest in qualifying land to a farmer and includes a conveyance or transfer where the qualifying land is conveyed or transferred to joint owners where all the joint owners (other than the spouse or civil partner of a joint owner) are farmers; and the date of purchase of qualifying land shall be the date on which the conveyance or transfer is executed;<\/p>\n<p>&#8216;qualifying land&#8217; means agricultural land in respect of which a farm restructuring certificate has been issued by Teagasc and that certificate has not been withdrawn;<\/p>\n<p>&#8216;relevant period&#8217; means the period commencing on 1 January 2013 and ending on 31 December 2025;<\/p>\n<p>&#8216;sale of qualifying land&#8217; means a conveyance or transfer of an interest in qualifying land by a farmer and includes a conveyance or transfer where the qualifying land is conveyed or transferred by joint owners where all the joint owners (other than the spouse or civil partner of a joint owner) are farmers; and the date of the sale of qualifying land shall be the date on which the conveyance or transfer is executed;<\/p>\n<p>&#8216;Teagasc&#8217; means Teagasc &#8211; the Agricultural and Food Development Authority.<\/p>\n<p>(b)For the purposes of this section &#8211;<\/p>\n<p>(i)the Minister for Agriculture, Food and the Marine with the consent of the Minister for Finance may make and publish guidelines, from time to time, setting out &#8211;<\/p>\n<p>(I)how an application for a farm restructuring certificate, in relation to a sale and purchase, or exchange, of agricultural land, is to be made,<\/p>\n<p>(II)the documentation required to accompany such an application,<\/p>\n<p>(III)the conditions relating to farm restructuring, and<\/p>\n<p>(IV)such other information as may be required in relation to such application,<\/p>\n<p>(ii)where an application is made in that regard, Teagasc shall issue a farm restructuring certificate in respect of a sale and purchase, or an exchange, of agricultural land, where they are satisfied, on the basis of the information available to Teagasc at that time, that the sale and purchase or exchange of such land complies, or will comply, with the conditions relating to farm restructuring, and<\/p>\n<p>(iii)Teagasc may, by notice in writing, withdraw any farm restructuring certificate already issued.<\/p>\n<p>(2)A gain shall not be a chargeable gain on a sale or exchange of qualifying land by an individual or individuals where the consideration for the qualifying land that is purchased or the other qualifying land that is exchanged is equal to or exceeds the consideration for the qualifying land that is sold or exchanged by the individual or individuals concerned.<\/p>\n<p>(3)Where the consideration for the qualifying land that is purchased or exchanged by an individual or individuals is less than the consideration for the qualifying land that is sold or the other qualifying land that is exchanged by the individual or individuals concerned, the chargeable gain that accrues in respect of the sale or exchange of the qualifying land shall be reduced in the same proportion that the consideration for the qualifying land that is purchased or exchanged bears to the consideration for the qualifying land that is sold or the other qualifying land that is exchanged.<\/p>\n<p>(3A)Where an individual is entitled to relief in respect of the whole or part of a gain under subsection (2) or (3), as the case may be, the individual shall furnish to the Revenue Commissioners, on a form provided for that purpose, the following information to enable the Revenue Commissioners to calculate the amount of the gain that would have arisen if the relief had not applied:<\/p>\n<p>(a)his or her name and address;<\/p>\n<p>(b)the consideration paid for the qualifying land, sold or exchanged by him or her, when that land was acquired by him or her;<\/p>\n<p>(c)the consideration received by him or her for the qualifying land on the sale of that land and the consideration paid by him or her for the other qualifying land purchased by him or her;<\/p>\n<p>(d)in the case of an exchange of qualifying land, the market value of the qualifying land conveyed or transferred by him or her for the purposes of the exchange and the market value of the other qualifying land received by him or her in exchange for that land; and<\/p>\n<p>(e)the incidental costs (within the meaning of section 552(2)) relating to the acquisition, sale or exchange of the qualifying land referred to in paragraphs (b), (c) and (d).<\/p>\n<p>(3B)For the purposes of subsection (3A)(b), the provisions of section 547(1) shall apply where the land was acquired otherwise than by means of a bargain made at arm\u2019s length.<\/p>\n<p>(3C)<\/p>\n<p>(a)Where the information required, by subsection (3A), to be furnished by an individual to the Revenue Commissioners relates to matters all of which have (or as the case may be, the last of which has) occurred at any time falling within the period commencing on 1 July 2016 and ending on 31 December 2018, then that information shall be so furnished at the same time as the return which is required to be prepared and delivered by the individual in accordance with Chapter 3 of Part 41A for the year 2018 is so prepared and delivered.<\/p>\n<p>(b)Where the information required, by subsection (3A), to be furnished by an individual to the Revenue Commissioners relates to matters all of which have (or as the case may be, the last of which has) occurred at any time falling within the year 2019 or a subsequent year, then that information shall be so furnished at the same time as the return which is required to be prepared and delivered by the individual in accordance with Chapter 3 of Part 41A for the year concerned is so prepared and delivered.<\/p>\n<p>(4)Where qualifying land in respect of which relief has been given under subsection (2) or (3) is disposed of within the period of 5 years from the date of the purchase or exchange of that qualifying land, capital gains tax shall be charged on the individual or individuals concerned as if the relief in those provisions had not applied.<\/p>\n<p>(5)Subsection (4) shall not apply where the disposal arises as a consequence of a compulsory acquisition.<\/p>\n<p>(6)Relief under subsection (2) or (3) shall be by means of discharge or repayment of tax or otherwise.<\/p>\n<p>604C.<\/p>\n<h4>Exemption of certain payment entitlements.<\/h4>\n<p>(1)In this section &#8211;<\/p>\n<p>&#8216;farmer&#8217; and &#8216;payment entitlement&#8217; have the same meanings, respectively, as they have for the purposes of Council Regulation (EC) No. 73\/2009 of 19 January 2009 ;<\/p>\n<p>&#8216;scheme year 2013&#8217; means the period beginning on 16 May 2012 and ending on 15 May 2013;<\/p>\n<p>&#8216;scheme year 2014&#8217; means the period beginning on 16 May 2013 and ending on 15 May 2014.<\/p>\n<p>(2)The disposal by farmers in the scheme year 2014 of payment entitlements that have, together with the land on which eligibility for the payment entitlements is based, been fully leased in the scheme year 2013 shall be exempt from capital gains tax.<\/p>\n<p>605.<\/p>\n<h4>Disposals to authority possessing compulsory purchase powers.<\/h4>\n<p>(1)Where a person makes a disposal, before 4 December 2002, an interest in property situate in the State (in this section referred to as &#8220;the original assets&#8221;) to an authority possessing compulsory purchase powers and claims and proves to the satisfaction of the Revenue Commissioners that &#8211;<\/p>\n<p>(a)the disposal would not have been made but for &#8211;<\/p>\n<p>(i)the exercise of those powers, or<\/p>\n<p>(ii)the giving by the authority of formal notice of its intention to exercise those powers,<\/p>\n<p>(b)the whole of the consideration for the disposal and no more is applied in acquiring other property situate in the State or an interest in such other property (in this section referred to as &#8220;the replacement assets&#8221;), and<\/p>\n<p>(c)subject to subsection (4A), the original assets and the replacement assets are within one, and the same one, of the classes of assets specified in subsection (5),<\/p>\n<p>then, for the purposes of the Capital Gains Tax Acts, the disposal shall not be treated as involving any disposal of the original assets and the acquisition shall not be treated as involving any acquisition of the replacement assets or any part of those assets, but the original assets and the replacement assets shall be treated as the same assets acquired as the original assets were acquired.<\/p>\n<p>(2)In a case where subsection (1) would apply but for the fact that an amount in excess of the amount or value of the consideration for the disposal concerned is applied as described in paragraph (b) of that subsection &#8211;<\/p>\n<p>(a)the person making the disposal shall be treated for the purposes of the Capital Gains Tax Acts as if, in consideration of that excess, that person had acquired at the time of the acquisition of the replacement assets a portion of those assets which bears to the whole the same proportion as the amount of the excess bears to the amount or value of the consideration applied in acquiring the replacement assets, and<\/p>\n<p>(b)subsection (1) shall apply to the remainder of those assets and to the original assets.<\/p>\n<p>(3)In a case where subsection (1) would apply but for the fact that part of the amount or value of the consideration for the disposal concerned is not applied as described in paragraph (b) of that subsection &#8211;<\/p>\n<p>(a)the person making the disposal shall be treated for the purposes of the Capital Gains Tax Acts as if, in consideration of that part, that person had disposed of an interest in the original assets, and<\/p>\n<p>(b)subsection (1) shall apply to the remainder of those assets and to the replacement assets.<\/p>\n<p>(4)This section shall apply only if the acquisition of the replacement assets takes place, or an unconditional contract for the acquisition is entered into, in the period beginning 12 months before and ending 3 years after the disposal of the original assets, or at such earlier or later time as the Revenue Commissioners may by notice in writing allow; but, where an unconditional contract for the acquisition is so entered into, this section may be applied on a provisional basis without ascertaining whether the replacement assets are acquired in pursuance of the contract, and when that fact is ascertained all necessary adjustments shall be made by making assessments or by repayment or discharge of tax, and shall be so made notwithstanding any limitation in the Capital Gains Tax Acts on the time within which assessments may be made or any limitation in section 865(4) on the time within which a claim for a repayment of tax is required to be made.<\/p>\n<p>(4A)Where the original assets is land which has been let by the person making the disposal at any time in the period of 5 years ending with the disposal and, immediately before the time the land was first let in that period, the land was owned by that person and used by that person for farming (within the meaning of section 654) for a period of not less than 10 years ending with the time the land was first so let, the land may be treated as being within Class 1, which is referred to in subsection (5).<\/p>\n<p>(5)The classes of assets referred to in subsection (1) shall be as follows:<\/p>\n<p>Class 1<\/p>\n<p>Assets of a trade carried on by the person making the disposal which consist of &#8211;<\/p>\n<p>(a)plant or machinery;<\/p>\n<p>(b)except where the trade is a trade of dealing in or developing land, or of providing services for the occupier of land in which the person carrying on the trade has an estate or interest &#8211;<\/p>\n<p>(i)any building or part of a building and any permanent or semi-permanent structure in the nature of a building occupied (as well as used) only for the purposes of the trade,<\/p>\n<p>(ii)any land occupied (as well as used) only for the purposes of the trade, provided that where the trade is a trade of dealing in or developing land, but a profit on the sale of any land held for the purposes of the trade would not form part of the trading profits, the trade shall be treated for the purposes of this subsection as if it were not a trade of dealing in or developing land;<\/p>\n<p>(c)goodwill.<\/p>\n<p>Class 2<\/p>\n<p>Any land or buildings, not being land or buildings within Class 1, but excluding a dwelling house or part of a dwelling house in relation to which the person making the disposal would be entitled to claim relief under section 604.<\/p>\n<p>606.<\/p>\n<h4>Disposals of work of art, etc., loaned for public display.<\/h4>\n<p>(1)This section shall apply to an object, being any picture, print, book, manuscript, sculpture, piece of jewellery or work of art which &#8211;<\/p>\n<p>(a)in the opinion of the Revenue Commissioners, after such consultation (if any) as may seem to them to be necessary with such person or body of persons as in their opinion may be of assistance to them, has a market value of not less than \u20ac31,740 at the date when the object is loaned to the Trust (within the meaning of section 1003A) or to a gallery or museum in the State, being a gallery or museum approved of by the Revenue Commissioners for the purposes of this section, and<\/p>\n<p>(b)is the subject of or included in a display to which the public is afforded reasonable access in the gallery or museum to which it has been loaned for a period (in this section referred to as &#8220;the qualifying period&#8221;) of not less than 10 years from the date the object is so loaned.<\/p>\n<p>(2)Where after the end of the qualifying period a disposal of an object to which this section applies is made by the person who had loaned the object in the circumstances described in subsection (1), the disposal shall be treated for the purposes of the Capital Gains Tax Acts as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-10855\" data-postid=\"10855\" class=\"themify_builder_content themify_builder_content-10855 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Principal Private Residence The sale of a principal private residence is exempt from the tax. The exemption applies in full only if it has been used as the seller\u2019s sole or main residence throughout his period of ownership. The residence must be a dwellinghouse and land up to an acre. A person can only have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[420],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10855"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=10855"}],"version-history":[{"count":5,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10855\/revisions"}],"predecessor-version":[{"id":34530,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10855\/revisions\/34530"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=10855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=10855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=10855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}