Taxes Consolidation Act, 1997 (Number 39 of 1997)
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604A Relief for certain disposals of land or buildings.
(1) In this section—
“EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed in Brussels on 17 March 1993;
“EEA State” means a state which is a contracting party to the EEA Agreement.
(2) This section applies to land or buildings situated in any EEA State [9]>(including the State)<[9][9]>(including the State) or in the United Kingdom<[9]—
(a) which—
(i) were acquired for a consideration equal to their market value in the period commencing on 7 December 2011 and ending on [2]>31 December 2013<[2][2]>31 December 2014<[2], or
(ii) were acquired in the period referred to in subparagraph (i) from a relative (within the meaning of section 10) and the consideration was not less than 75 per cent of their market value at the date they were acquired,
and
(b) which continue in the ownership of the person who acquired that land or those buildings for a period of at least [3]>7 years<[3][3]>4 years<[3] from the date they were acquired.
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(2A) Where a person disposes of land or buildings to which this section applies during the period beginning 4 years after the date they were acquired and ending 7 years after that date, any gain on the disposal of such land or buildings shall not be a chargeable gain.
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(3) [5]>On<[5][5]>Without prejudice to subsection (2A), on<[5] a disposal of land or buildings to which this section applies, such portion of the gain shall not be a chargeable gain as represents the same proportion of the gain as 7 years bears to the period of ownership of such land or buildings.
(4) Relief under [6]>subsection (3)<[6][6]>subsection (2A) or (3)<[6] shall not apply—
(a) to land or buildings to which this section applies unless any income or profits or gains derived from the land or buildings concerned [7]>in the period of 7 years from<[7][7]>in the period from<[7] the date they were acquired by the person who acquired them is income or profits or gains to which the Income Tax Acts or the Corporation Tax Acts apply, or
(b) where arrangements (within the meaning of section 546A) have been put in place and it can be shown that relief (apart from the relief given under [8]>subsection (3)<[8][8]>subsection (2A) or (3), as the case may be<[8]) would be less if the arrangements had not been put in place.
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Inserted by FA12 s64. Deemed to have come into force and takes effect on and from 1 January 2012.