Taxes Consolidation Act, 1997 (Number 39 of 1997)
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1031O. Transfers of assets where civil partnership dissolved.
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(1) Notwithstanding any other provision of the Capital Gains Tax Acts, where by virtue or in consequence of an order made under Part 12 of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, on or following the granting of a decree of dissolution or a dissolution deemed under section 5(4) of that Act to be a dissolution under section 110 of that Act, either of the civil partners concerned disposes of an asset to his or her civil partner, then, subject to subsection (3), both civil partners shall be treated for the purpose of the Capital Gains Tax Acts as if the asset was acquired from the civil partner making the disposal for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the civil partner making the disposal.
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(1) Notwithstanding any other provision of the Capital Gains Tax Acts, where by virtue or in consequence of—
(a) an order made under Part 12 of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, on or following the granting of a decree of dissolution or a dissolution deemed under section 5(4) of that Act to be a dissolution under section 110 of that Act, or
(b) a deed of separation, agreement, arrangement or any other act giving rise to a legally enforceable obligation and made or done in consideration or in consequence of living separately in the circumstances referred to in section 1031A(2),
either of the civil partners concerned disposes of an asset to the other civil partner, then, subject to subsection (3), both civil partners shall be treated for the purposes of the Capital Gains Tax Acts as if the asset was acquired from the civil partner making the disposal for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the civil partner making the disposal.
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(2) Subsection (1) shall not apply where the civil partner who acquired the asset could not be taxed in the State for the year of assessment in which the acquisition took place, in respect of a gain on a subsequent disposal in that year by that civil partner of the asset, if that civil partner had made such a disposal and a gain accrued on the disposal.
(3) Subsection (1) shall not apply if until the disposal the asset formed part of the trading stock of a trade carried on by the civil partner making the disposal or if the asset is acquired as trading stock for the purposes of a trade carried on by the civil partner acquiring the asset.
(4) Where subsection (1) applies in relation to a disposal of an asset by a civil partner to his or her civil partner, then, in relation to a subsequent disposal of the asset (not being a disposal to which subsection (1) applies), the civil partner making the disposal shall be treated for the purposes of the Capital Gains Tax Acts as if the acquisition or provision of the asset by his or her civil partner had been his or her own acquisition or provision of the asset.
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Inserted by F(No.3)A11 s1(1). With effect for the year of assessment 2011 and subsequent years of assessment as appropriate.