Financial Resolution No. 5 - Capital Gains Tax: Motion

1 contribution · 1 speaker · 141 words

Most used terms in this debate

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subsection 4

holder 2

gain 2

taxes 2

disposals 1

accruing 1

chargeable 1

shall 2

bank 2

expedient 1

currency 1

loss 2

The full debate

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FG Leo Varadkar

I move:

(1) THAT section 541 of the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended, as respects disposals made on or after 14 October 2020, by inserting the following subsection after subsection (6):

“(6A) Notwithstanding subsection (6), a gain or a loss accruing on a disposal of a debt referred to in that subsection shall not be a chargeable gain or allowable loss where the sum standing to the credit of the holder of the account concerned is transferred in whole or in part to another account of that holder in the bank concerned or in any other bank in the same currency.”.

(2) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).