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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2019 - onwards
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579B. Trustees ceasing to be resident in the State.

(1) In this section and in the following sections of this Chapter -

'arrangements’ means arrangements having the force of law by virtue of section 826(1) (as extended to capital gains tax by section 828);

'the new assets’ and 'the old assets’ have the meaning assigned, respectively, to them by section 597(4).

(2) This section shall apply where the trustees of a settlement become at any time (hereafter in this section referred to as the 'relevant time’) neither resident nor ordinarily resident in the State.

(3) The trustees to whom this section applies shall, for the purposes of the Capital Gains Tax Acts, be deemed -

(a) to have disposed of the defined assets immediately before the relevant time, and

(b) immediately to have reacquired them,

at their market value at that time.

(4) Subject to subsections (5) and (6), the defined assets are all assets constituting settled property of the settlement immediately before the relevant time.

(5) If immediately after the relevant time -

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