Vol. 403 No. 9
42 Mr. Hogan asked the Minister for Finance if his attention has been drawn to the duplication of capital acquisition tax and capital gains tax in the treatment of valuations of development lands and the way this affects many urban areas; and if he will make a statement on the matter.
I have been advised by the Revenue Commissioners that, where capital gains tax and capital acquisitions tax are charged in respect of property in connection with the same event, section 63, Finance Act, 1985, as amended by section 66, Finance Act, 1988, provides for a deduction of the capital gains tax as a credit against the capital acquisitions tax.
If the Deputy is aware of specific cases involving problems in this area, I will have them investigated on receipt of the necessary details.
