PART 5

Capital Acquisitions Tax

115. —In this Part “Principal Act” means the Capital Acquisitions Tax Act, 1976 .

116. —(1) Section 19 of the Principal Act is amended in subparagraph (ii) of subsection (5)(a) by substituting “6 years” for “4 years” (inserted by the Finance Act, 2001 ).

(2) Subsection (1) has effect in relation to compulsory acquisitions made on or after the passing of this Act.

117. —(1) Section 36 of the Principal Act is amended—

(a) in paragraph (a) of subsection (4) by substituting “5 December 1991” for “2 December 1988”, and

(b) in paragraphs (b) and (c) of subsection (14) by substituting “5 December 1991” for “the 2nd day of December, 1988”.

(2) This section has effect in relation to gifts or inheritances taken on or after 5 December 2001.

118. —(1) Section 41 of the Principal Act is amended in subsection (2A)—

(a) by substituting in paragraph (b) “subsection (3) or (4) of section 55” for “section 55(4)”,

(b) by substituting in paragraph (d) “to apply,” for “to apply.”, and

(c) by inserting the following after paragraph (d):

“(e) to the extent to which subsection (5) or (6) of section 59C applies, for the duration of the period from the valuation date to the date the exemption ceases to apply.”.

(2)  (a) Paragraph (a) of subsection (1) applies where the event which causes the exemption to cease to be applicable occurs on or after 11 February 1999.

(b) Paragraph (c) of subsection (1) applies where the event which causes the exemption to cease to be applicable occurs on or after 1 December 1999.

119. —(1) Section 52 of the Principal Act is amended by substituting the following for subsection (7):

“(7) Prima facie evidence of any notice given under this section by the Commissioners or by an officer of the Commissioners may be given in any proceedings by the production of a document purporting—

(a) to be a copy of the notice, or

(b) if the details specified in the notice are contained in an electronic, photographic or other record maintained by the Commissioners, to reproduce those details in so far as they relate to the said notice,

and it shall not be necessary to prove the official position of the person by whom the notice purports to be given or, if it is signed, the signature, or that the person signing and giving it was authorised to do so.”.

(2) This section has effect in relation to evidence of any notice given by the Commissioners or by an officer of the Commissioners in any proceedings on or after the passing of this Act.

120. —(1) Section 70 of the Principal Act is amended by substituting the following for subsection (3):

“(3) Prima facie evidence of any notice given under this Act by the Commissioners or by an officer of the Commissioners may be given in any proceedings by the production of a document purporting—

(a) to be a copy of that notice, or

(b) if the details specified in that notice are contained in an electronic, photographic or other record maintained by the Commissioners, to reproduce those details in so far as they relate to that notice,

and it shall not be necessary to prove the official position of the person by whom the notice purports to be given or, if it is signed, the signature, or that the person signing and giving it was authorised to do so.”.

(2) This section has effect in relation to evidence of any notice given by the Commissioners or by an officer of the Commissioners in any proceedings on or after the passing of this Act.

121. —(1) The Second Schedule to the Principal Act is amended in paragraph 3(a)(ii) by substituting “5 December 1991” for “2 December 1988”.

(2) This section has effect in relation to gifts or inheritances taken on or after 5 December 2001.

122. — Section 133 of the Finance Act, 1993 , is amended—

(a) by substituting the following for subsection (1):

“(1) In this section—

‘assurance company’ has the meaning assigned to it by section 706 of the Taxes Consolidation Act, 1997 ;

‘new policy’ means a contract entered into by an assurance company which is a policy of assurance on the life of any person issued on or after 1 January 2001;

‘old policy’ means a contract entered into by an assurance company in the course of carrying on a foreign life assurance business within the meaning of section 451 of the Taxes Consolidation Act, 1997 , and issued on or after 1 December 1992 and before 1 January 2001.”,

(b) in subsection (2) by substituting “new policy or in an old policy” for “policy”, and

(c) by substituting the following for subsection (3):

“(3) Where—

(a) an interest in a new policy or in an old policy, as the case may be, which is comprised in a gift or inheritance came into the beneficial ownership of the disponer or became subject to the disposition prior to 15 February 2001, and

(b) the conditions at subparagraphs (i) and (iii) of subsection (2) are complied with,

then that subsection shall apply to that interest in a new policy or in an old policy, as the case may be, if, at the date of the disposition, the proper law of the disposition was not the law of the State.”.