Finance Act, 1978

Amendment of section 36 (delivery of returns) of Capital Acquisitions Tax Act, 1976s.

42.—(1) Section 36 of the Capital Acquisitions Tax Act, 1976 , is hereby amended by the substitution for subsection (3) of the following subsection—

“(3) Subsection (2) applies to a gift where—

(a) the taxable value of such gift, so far as it is a taxable gift, exceeds an amount which is 80 per cent. of the lowest value upon which, at the date of such gift, tax becomes chargeable in respect of a gift taken by the donee of such gift from the disponer thereof,

(b) the taxable value of such gift, so far as it is a taxable gift, falls to be aggregated with previous gifts taken by the donee of such gift from the disponer thereof and thereby increases the total taxable value of all taxable gifts taken by such donee from such disponer from an amount which is less than or equal to the amount specified in paragraph (a) to an amount which exceeds the amount so specified,

(c) the taxable value of such gift, so far as it is a taxable gift, falls to be aggregated with previous gifts taken by the donee of such gift from the disponer thereof and thereby increases the total taxable value of all taxable gifts taken by such donee from such disponer from an amount which is greater than the amount specified in paragraph (a), or

(d) the donee is required by notice in writing by the Commissioners to deliver a return.”.

(2) Subsection (1) of this section shall be deemed to have come into operation on the 31st day of March, 1976.