I move amendment No. 7:
In page 13, subsection (1), line 53, after "section" to insert "86".
This is a technical amendment to include reference to section 86 of the Housing Act, 1966.
SECTION 13.
Amendment agreed to.
Question proposed: "That section 13, as amended, stand part of the Bill."
Under the capital gains tax legislation, some compulsory purchases are the subject of relief. Will the Minister confirm that if a person owns a house which stands in the way of this development and it is subject to a CPO, he or she is not deemed to sell it to the Board otherwise, the person would be liable for 40 per cent tax even though he or she just wants to hang onto their money and does not want to realise anything? Will she confirm that the relief provisions for compulsory purchases by local authorities will apply to this because at least one individual has come to me and is afraid that if his property is made the subject of a CPO, he will end up paying 40 per cent of the value of his assets to the State?
It is my understanding that the relief provisions on capital gains tax requirements which are available to local authorities will apply in this case and I will put that on the record specifically on Report Stage.
Question put and agreed to.