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Chapter 5
Capital Gains Tax
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Capital gains: rates of charge.
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65.—(1) The Principal Act is hereby amended—
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(a) in section 28, by the substitution in subsection (3) of “20 per cent” for “40 per cent”,
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(b) in section 594, by the insertion after paragraph (e) of subsection (2) of the following paragraph:
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“(f) Notwithstanding subsection (3) of section 28, the rate of capital gains tax in respect of a relevant gain accruing to a person shall be 40 per cent”,
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and
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(c) in Chapter 2 of Part 22, by the insertion after section 649 of the following section:
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“Relevant disposals: rate of charge.
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649A.—Notwithstanding subsection (3) of section 28, the rate of capital gains tax in respect of chargeable gains accruing to a person on relevant disposals, other than a relevant disposal to which section 650 refers, shall be 40 per cent.”.
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(2) Subsection (1) shall apply—
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(a) as respects paragraphs (a) and (c), in relation to disposals made on or after the 3rd day of December, 1997, and
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(b) as respects paragraph (b), in relation to disposals made on or after the 12th day of February, 1998.
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