(1) Where a disposal to which this Chapter applies gives rise, in accordance with Schedule 20, to an offshore income gain, then, subject to this section, the amount of that gain shall be treated for the purposes of the Tax Acts as -
(a) income arising at the time of the disposal to the person making the disposal, and
(b) constituting profits or gains chargeable to tax under Case IV of Schedule D for the chargeable period (within the meaning of section 321 (2)) in which the disposal is made.
(2) Subject to subsection (3), sections 25(2)(b), 29 and 30 shall apply in relation to income tax or corporation tax in respect of offshore income gains as they apply in relation to capital gains tax or corporation tax in respect of chargeable gains.
(3) In the application of sections 29 and 30 in accordance with subsection (2), section 29(3)(c) shall apply with the deletion of "situated in the State".
(4) In the case of individuals resident or ordinarily resident but not domiciled in the State, sub
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