(a) For the purposes of the Capital Gains Tax Acts but subject to paragraph (b), where a person incurs a debt to another person (being the original creditor), whether in the currency of the State or in some other currency, no chargeable gain shall accrue to that creditor or to that creditor's personal representative or legatee on a disposal of the debt.
(b) Paragraph (a) shall not apply in the case of a debt on a security within the meaning of section 585.
(a) In this subsection ‘division’, ‘merger’, ‘successor company’ and ‘transferor company’ have the same meaning as in section 638A (inserted by the Finance Act 2017).
(b) For the purposes of subsection (1)(a), a successor company shall be deemed to be the original creditor in respect of a debt in a case in which that debt is transferred from a transferor company to the first-mentioned company as a result of a merger or division and the transferor company was the original creditor in respect of that debt.
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