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Finance Act, 1994 (No. 13)Introductory TextActs Referred toPart I Income Tax, Corporation Tax and Capital Gains Tax (ss. 1-66)Chapter I Income Tax (ss. 1-15)1. Amendment of provisions relating to exemption from income tax.2. Alteration of rates of income tax.3. Personal reliefs.4. Amendment of section 138B (employee allowance) of Income Tax Act, 1967.5. Amendment of section 6 (special allowance in respect of P.R.S.I. for 1982-83) of Finance Act, 1982.6. Amendment of provisions relating to relief in respect of interest.7. Restriction of relief in respect of insurance against expenses of illness.8. Amendment of section 12 (relief for health expenses) of Finance Act, 1967.9. Amendment of section 8 (restriction of relief in respect of interest paid on certain loans at a reduced rate) of Finance Act, 1982.10. Taxation treatment of unemployment benefit in certain cases.11. Amendment of Second Schedule to Finance Act, 1992.12. Amendment of provisions relating to interest payments by certain deposit takers.13. Amendment of section 18 (date for payment of tax) of Finance Act, 1988.14. Amendment of section 2 (exemption of certain earnings of writers, composers and artists) of Finance Act, 1969.15. Interest on quoted Eurobonds.Chapter II Income Tax, Corporation Tax and Capital Gains Tax (ss. 16-34)16. Amendment of Chapter III (Income Tax: Relief for Investment in Corporate Trades) of Part I of Finance Act, 1984.17. Cesser of transitional provisions relating to amounts raised by companies acting in concert, or for trade of subsidiary.18. Amendment of section 19 (relief for expenditure on significant buildings) of Finance Act, 1982.19. Exemption from charge to tax of certain loans of art objects.20. Amendment of section 35 (relief for investment in films) of Finance Act, 1987.21. Capital allowances for, and deduction in respect of, vehicles.22. Capital allowances for industrial buildings or structures.23. Farming: allowances for capital expenditure on construction of buildings and other works.24. Computer software.25. Amendment of section 18 (taxation of collective investment undertakings) of Finance Act, 1989.26. Amendment of section 29 (taxation of income deemed to arise on certain sales of securities) of Finance Act, 1984.27. Distributions to non-residents.28. Amendment of section 34 (exemption from tax of income derived from patent royalties) of Finance Act, 1973.29. Amendment of section 46 (limited partnerships) of Finance Act, 1986.30. Restriction on capital allowances for certain leased machinery or plant.31. Amendment of section 49 (tax treatment of foreign trusts) of Finance Act, 1993.32. Exemption of certain non-commercial state-sponsored bodies from certain tax provisions.33. Amendment of section 36A (special investment policies) of Corporation Tax Act, 1976.34. Amendment of show Chapter IV (Taxation of Savings and Investment) of Part I of Finance Act, 1993.Chapter III Urban Renewal Reliefs: Termination of Existing Scheme in Certain Areas and Certain Other Matters (ss. 35-37)35. Amendment of Chapter V (Urban Renewal: Relief from Income Tax and Corporation Tax) of Part I of Finance Act, 1986.36. Amendment of section 27 (designated areas for urban renewal relief) of Finance Act, 1987.37. Amendment of Chapter VII (Urban Renewal: Temple Bar and Other Areas) of Part I of Finance Act, 1991.Chapter IV Urban Renewal Reliefs: Introduction of New Scheme in Certain Areas (ss. 38-47)38. Interpretation (Chapter IV).39. Designated area and designated street.40. Accelerated capital allowances in relation to construction or refurbishment of certain industrial buildings or structures.41. Capital allowances in relation to construction or refurbishment of certain commercial premises.41A. Capital allowances in relation to construction or refurbishment of certain buildings or structures in enterprise areas.41B. Capital allowances in relation to construction or refurbishment of certain multi-storey car-parks.42. Double rent allowance in respect of rent paid for certain business premises.43. Deduction for certain expenditure on construction of rented residential accommodation.44. Rented residential accommodation: deduction for expenditure on conversion.45. Rented residential accommodation: deduction for expenditure on refurbishment.46. Residential accommodation: allowance to owner-occupiers in respect of expenditure on construction or refurbishment.47. Provisions supplementary to sections 43 to 46.Chapter V Corporation Tax (ss. 48-62)48. Amendment of section 39 (meaning of "goods") of Finance Act, 1980.49. Amendment of section 37 (application of section 84 (matters to be treated as distributions) of Corporation Tax Act, 1976) of Finance Act, 1988.50. Amendment of section 84A (limitation on meaning of "distribution") of Corporation Tax Act, 1976.51. Amendment of section 56 (relief for gifts to The Enterprise Trust Ltd.) of Finance Act, 1992.52. Relief for payments to National Co-operative Farm Relief Services Ltd. and grants made to its members.53. Amendment of section 39B (relief in relation to income from certain trading operations carried on in Custom House Docks Area) of Finance Act, 1980.54. Amendment of Chapter VI (Corporation tax: relief in relation to certain income of manufacturing companies) of Finance Act, 1980.55. Amendment of section 44 (group dividends) of Finance Act, 1983.56. Amendment of Part II (Corporation Tax) of Corporation Tax Act, 1976.57. Corporate unitholders in undertakings for collective investment.58. Life assurance and companies.59. Amendment of section 25 (attribution of distributions to accounting periods) of Finance Act, 1989.60. Amendment of section 35 (profits of life business) of Corporation Tax Act, 1976.61. Amendment of section 40 (capital allowances for certain leased assets) of Finance Act, 1984.62. Amendment of section 28 (relief in relation to income from shipping trade) of Finance Act, 1987.Chapter VI Capital Gains Tax (ss. 63-66)63. Amendment of Schedule 4 (administration) to Capital Gains Tax Act, 1975.64. Amendment of section 31 (unit trusts) of Capital Gains Tax Act, 1975.65. Amendment of section 27 (relief for individuals on certain reinvestment) of Finance Act, 1993.66. Reduced rate of capital gains tax on certain disposals of shares by individuals.Part II Customs and Excise (ss. 67-89)Chapter I Excise Duty on Cigarettes - Introduction of Tax Stamps (ss. 67-77)67. Interpretation (Chapter I).68. Amendment of section 1 (interpretation) of Principal Act.69. Liability for duty to be paid by tax stamps.70. Sale of cigarettes.71. Amendment of section 3 (repayment, remission and deferment of payment) of Principal Act.72. Amendment of section 7 (ascertainment of retail prices of tobacco products) of Principal Act.73. Amendment of section 8 (regulations) of Principal Act.74. Offences in relation to tax stamps.75. Amendment of section 11 (offences) of Principal Act.76. Amendment of section 18 (power to refuse delivery of goods) of Finance Act, 1939.77. Interpretation (Chapter I).Chapter II Miscellaneous (ss. 78-89)78. Interpretation (Chapter II).79. Tobacco products.80. Beer.81. Spirits.82. Cider and perry.83. Wine and made wine.84. Hydrocarbons.85. Amendment of section 132 (charge of excise duty) of Finance Act, 1992.86. Amendment of section 60 (records) of Finance Act, 1993.87. Amendment of section 61 (evidence) of Finance Act, 1993.88. Amendment of section 123 (rates of duty) of Finance Act, 1992.89. Exemption from duty on certain bets.Part III Value-Added Tax (ss. 90-101)90. Interpretation (Part III).91. Amendment of section 1 (interpretation) of Principal Act.92. Amendment of section 3 (supply of goods) of Principal Act.93. Person liable to pay tax in relation to certain supplies of immovable goods.94. Amendment of section 8 (taxable persons) of Principal Act.95. Amendment of section 10 (amount on which tax is chargeable) of Principal Act.96. Amendment of section 12 (deductions for tax borne or paid) of Principal Act.97. Amendment of section 14 (determination of tax due by reference to cash receipts) of Principal Act.98. Amendment of section 27 (fraudulent returns, etc.) of Principal Act.99. Amendment of First Schedule to Principal Act.100. Amendment of Second Schedule to Principal Act.101. Amendment of Sixth Schedule to Principal Act.Part IV Stamp Duties (ss. 102-112)102. Definitions (Part IV).103. Amendment of section 103 (provision relating to voluntary disposition inter vivos, etc.) of Finance Act, 1991.104. Amendment of section 105 (valuation of property chargeable with stamp duty) of Finance Act, 1991.105. Amendment of section 206 (exemption from stamp duty of certain stocks and marketable securities) of Finance Act, 1992.106. Amendment of section 106 (exemption from stamp duty of certain loan capital and securities) of Finance Act, 1993.107. Particulars to be delivered in cases of transfers and leases.108. Stamp duty and value-added tax.109. Right of appeal of persons dissatisfied with assessment.110. Exemption from stamp duty on certain transfers to Irish Stock Exchange.111. Exemption from stamp duty of stocks, etc., of foreign governments.112. Relief from stamp duty in respect of transfers to young trained farmers.Part V Residential Property Tax (ss. 113-123)113. Definition (Part V).114. Application (Part V).115. Amendment of section 95 (interpretation) of Act of 1983.116. Amendment of section 96 (charge of residential property tax) of Act of 1983.117. Amendment of section 98 (market value of property) of Act of 1983.118. Amendment of section 100 (market value exemption limit) of Act of 1983.119. Amendment of section 101 (income exemption limit) of Act of 1983.120. Amendment of section 102 (marginal reliefs) of Act of 1983.121. Amendment of section 104 (assessment and payment of tax) of Act of 1983.122. Amendment of section 105 (interest on tax) of Act of 1983.123. Amendment of section 115 (regulations) of Act of 1983.Part VI Capital Acquisitions Tax (ss. 124-148)Chapter I Business Relief (ss. 124-135)124. Interpretation (Chapter I).125. Application (Chapter I).126. Business relief.127. Relevant business property.128. Minimum period of ownership.129. Replacements.130. Succession.131. Successive benefits.132. Value of business.133. Value of certain shares and securities.134. Exclusion of value of excepted assets.135. Withdrawal of relief.135A. Avoidance of double relief.Chapter II Miscellaneous (ss. 136-148)136. Interpretation (Chapter II).137. Amendment of section 109 (interpretation) of Finance Act, 1993.138. Amendment of section 111 (application of Principal Act) of Finance Act, 1993.139. Amendment of section 112 (exemptions) of Finance Act, 1993.140. Abatement and postponement of tax.141. Amendment of section 19 (value of agricultural property) of Principal Act.142. Amendment of Second Schedule (computation of tax) to Principal Act.143. Amendment of section 109 (computation of tax) of Finance Act, 1984.144. Amendment of section 117 (reduction in estimated value of certain dwellings) of Finance Act, 1991.145. Amendment of section 128 (amendment of Second Schedule (computation of tax) to Principal Act) of Finance Act, 1990.146. Certificate relating to registration of title based on possession.147. Provision relating to section 5 (gift deemed to be taken) of Principal Act and section 121 of Finance Act, 1993.148. Provision relating to section 11 (inheritance deemed to be taken) of Principal Act and section 123 of Finance Act, 1993.Part VII Miscellaneous (ss. 149-166)Chapter I Provisions Relating to Residence of Individuals (ss. 149-158)149. Interpretation (Chapter I).150. Residence.151. Ordinary residence.152. Application of Part III (Schedule C) and section 52 (Schedule D) of Income Tax Act, 1967.153. Split year residence.154. Deduction for income earned outside the State.155. Non-residents.156. Appeals.157. Repeals.158. Commencement (Chapter I).Chapter II General (ss. 159-166)159. Capital Services Redemption Account.160. Establishment of Small Savings Reserve Fund.161. Securities of International Bank for Reconstruction and Development.162. Amendment of section 486 (power of Collector and authorised officers to sue) of Income Tax Act, 1967.163. Amendment of section 1 (interpretation) of Waiver of Certain Tax, Interest and Penalties Act, 1993, and related matters.164. Tax treatment of expenses of members of the Judiciary.165. Care and management of taxes and duties.166. Short title, construction and commencement.SchedulesFirst Schedule Amendments Consequential on Changes in Personal ReliefsSecond Schedule Exemption of Specified Non-Commercial State-Sponsored Bodies from Certain Tax ProvisionsThird Schedule Rates of Excise Duty on Tobacco ProductsFourth Schedule Rates of Excise Duty on Cider and PerryFifth Schedule Rates of Excise Duty on Wine and Made WineSixth Schedule Qualifications for Applying for Relief from Stamp Duty in respect of Transfers to Young Trained FarmersSeventh Schedule Computation of Residential Property Tax
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AI Summary of 128. Minimum period of ownership.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 23 May 1994 - onwards

128. Minimum period of ownership.

In relation to a gift or an inheritance, property shall not be relevant business property unless it was comprised in the disposition continuously -

(a) in the case of an inheritance, which is taken on the date of death of the disponer, for a period of two years immediately prior to the date of the inheritance, or

(b) in any other case, for a period of five years immediately prior to the date of the gift or inheritance,

and any period immediately before the date of the disposition during which the property was continuously in the beneficial ownership of the disponer, or of the spouse of the disponer, shall be deemed, for the purposes of this Chapter, to be a period or part of a period immediately before the date of the gift or inheritance during which it was continuously comprised in the disposition.

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