Finance Act, 1996
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Amendment of section 46 (debts) of Capital Gains Tax Act, 1975. |
61.—(1) Section 46 of the Capital Gains Tax Act, 1975 , is hereby amended by the addition of the following subsection after subsection (6): | |
“(7) For the purposes of this section a debenture issued by any company shall be deemed to be a security (within the meaning assigned by paragraph 3 of Schedule 2) if it is issued— | ||
(a) on a reorganisation (as provided for in paragraph 2 (1) of Schedule 2) or in pursuance of its allotment on any such reorganisation, | ||
(b) in exchange for shares in or debentures of another company where the requirements of paragraph 4 (2) of Schedule 2 are satisfied in relation to the exchange, | ||
(c) under any such arrangements as are referred to in paragraph 5 (1) of Schedule 2, or | ||
(d) in pursuance of rights attached to any debenture falling within paragraph (a), (b) or (c).”. | ||
(2) Subsection (1) shall apply and have effect as respects the disposal of a debenture on or after the 28th day of March, 1996. |