Finance Act, 1990
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Amendment of section 36 (chargeable gains on disposals of development land) of Finance Act, 1982 . |
83.— Section 36 of the Finance Act, 1982 , is hereby amended— | |
(a) by the insertion in subsection (3) after “the 26th day of March, 1982,” of “and before the 6th day of April, 1990,”, and | ||
(b) by the insertion of the following subsection after subsection (3): | ||
“(3A) As respects chargeable gains accruing on relevant disposals made on or after the 6th day of April, 1990, section 3 (3) of the Principal Act (as amended by the Finance Act, 1990) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (b), (c) and (d) of that subsection, the following rates of capital gains tax applied: | ||
(i) 50 per cent., or | ||
(ii) in the case of such a relevant disposal which is a compulsory disposal by a person whose period of ownership of the asset is more than three years, 40 per cent.”, | ||
and the said subsection (3), as so amended, is set out in the Table to this section. | ||
TABLE | ||
(3) As respects chargeable gains accruing on relevant disposals made on or after the 26th day of March, 1982, and before the 6th day of April, 1990, section 3 (3) of the Principal Act (as amended by this Act) shall have effect as if, in lieu of the rates of capital gains tax specified in paragraphs (a), (b) and (c) of that subsection, the following rates of capital gains tax applied: | ||
(a) 60 per cent. where the period of ownership of the asset by the person making the disposal is not more than one year, | ||
(b) (i) 50 per cent. where his period of ownership of the asset is more than one year, or | ||
(ii) in the case of such a relevant disposal which is a compulsory disposal by a person whose period of ownership of the asset is more than three years, 40 per cent. |