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87. Amendment of section 980 (deduction from consideration on disposal of certain assets) of Principal Act.
(1) Section 980 of the Principal Act is amended -
(a) by the substitution in subsection (3) for "£150,000" of "£300,000",
(b) by the substitution in subsection (4) for paragraph (b) of the following:
"(b) Where the person disposing of the asset produces to the person acquiring the asset -
(i) a certificate issued under subsection (8) in relation to the disposal, or
(ii) if the asset concerned is land on which a new house has been built or land on which a new house is in the course of being built, a certificate issued under subsection (8) in relation to the disposal or one of the certificates specified in subsection (8A) which, in either case, has been issued to the person disposing of the asset,
no deduction referred to in paragraph (a) shall be made.
(c) In paragraph (b) (ii) -
'house' has the same meaning as it has in section 329;
'new house' means a house which has been developed or is being developed by or on behalf of the person disposing of it and which has not been used at any time before its disposal.",
(c) by the insertion after subsection 8 of the following:
(a) The certificates referred to in subsection (4) (b) are -