Chapter V

Capital Gains Tax

42. — Section 26 of the Capital Gains Tax Act, 1975 , is hereby amended—

(a) by the substitution in subsection (1) of “£200,000” for “£50,000” in each place where it occurs, and

(b) by the substitution in subsection (6) (a) (as amended by the Finance Act, 1990 ) of the following definition for the definition, other than the proviso thereto, of “qualifying assets”:

“‘qualifying assets’, in relation to a disposal, includes the chargeable business assets of the individual which, apart from tangible movable property, he has owned for a period of not less than ten years ending with the disposal and the shares or securities which he has owned for a period of not less than ten years ending with the disposal, being shares or securities of a company which has been a trading or a farming company and his family company or a member of a trading group of which the holding company is that individual's family company during a period of not less than ten years ending with the disposal and of which he has been a working director for a period of not less than ten years during which period he has been a full time working director of the said company for a period of not less than five years:”.

43. —(1) This section applies to an object in the following category, that is to say, any picture, print, book, manuscript, sculpture, piece of jewellery or work of art—

(a) which, in the opinion of the Revenue Commissioners, after such consultation (if any) as may seem to them to be necessary with such person or body of persons as in their opinion may be of assistance to them, has a market value of not less than £25,000 at the date when it is loaned to a gallery or museum in the State, being a gallery or museum approved of by the Revenue Commissioners for the purposes of this section, and

(b) which is the subject of or included in a display to which the public is afforded reasonable access in the gallery or museum to which it has been loaned for a period (hereafter in this section referred to as the “qualifying period”) of not less than 6 years from the date it is so loaned.

(2) Where, after the end of the qualifying period, a disposal of an object to which this section applies is made by the person who had loaned it in the circumstances described in subsection (1) the disposal shall be treated for the purposes of the Capital Gains Tax Acts as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.

(3) This section shall have effect from the 18th day of April, 1991.

44. — Section 33 of the Finance Act, 1989 , is hereby amended in subsection (2):

(a) by the substitution of the following paragraph for paragraph (c):

“(c) Dublin City and County Regional Tourism Organisation Limited,”,

(b) by the substitution of the following paragraph for paragraph (e):

“(e) South-West Regional Tourism Organisation Limited,”,

and

(c) by the substitution of the following paragraphs for paragraphs (g) and (h) respectively:

“(g) The North-West Regional Tourism Organisation Limited,

(h) Midlands-East Regional Tourism Organisation Limited, and”.