Gay Mitchell
Question:232 Mr. G. Mitchell asked the Minister for Finance if he will consider the concerns of a person (details supplied) in Dublin 8 on capital gains tax roll-over proposals; and if he will make a statement on the matter. [2448/03]
Written Answers. - Tax Reliefs.
I announced in my budget speech of 4 December 2002 that no roll-over relief would be allowed for any purpose on gains arising from disposals on or after that date. The date of disposal is normally the date when the contract is made. However, where the contract is conditional, it is the date when the condition is satisfied.
In regard to the person in question, it is not clear what the position is. Reference is made to a binding contract. It is the case that where an individual or a company entered into a binding contract prior to the date of this change, the relief will still apply. However, if the contract is a conditional one, it is deemed to become a binding one only when the conditions are satisfied. It would appear from the details supplied that the case in question may involve a contract which is conditional on planning permission being obtained, and that such condition was not satisfied before the abolition of the relief.