Taxes Consolidation Act, 1997 (Number 39 of 1997)
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603A Disposal of site to child.
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(1) This section applies to the disposal of land which at the date of disposal has a market value which does not exceed [2]>£200,000<[2][2]>€254,000<[2].
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(1) In this section “child of a parent”, in relation to a disposal for which relief is claimed under this section, includes an individual who resided with, was under the care of and was maintained at the expense of the person making the disposal throughout—
(a) a period of 5 years, or
(b) periods which together comprised at least 5 years,
before the first-mentioned individual attained the age of 18 years but only if such claim is not based on the uncorroborated testimony of one witness, and a disposal by a parent to a child of a parent shall be construed accordingly.
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(1A) This section applies to the disposal of land which at the date of the disposal has a market value which does not exceed €254,000.
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(1A) This section applies to the disposal of land which at the date of the disposal—
(a) has a market value that does not exceed [5]>€254,000<[5][5]>€500,000<[5], and
(b) comprises—
(i) the area of land on which a dwelling house referred to in subsection (2)(b) is to be constructed, and
(ii) an area of land for occupation and enjoyment with that dwelling house as its garden or grounds which, exclusive of the area referred to in subparagraph (i), does not exceed 0.4047 hectare.
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(2) Subject to this section, a chargeable gain shall not accrue on a disposal of land to which this section applies where the disposal—
(a) is by a [7]>parent to a child of the parent<[7][7]>parent or the civil partner of a parent to a child of the parent<[7], and
(b) is for the purpose of enabling the child to construct a dwelling house on the land which dwelling house is to be occupied by the child as his or her only or main residence.
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(2A) For the purposes of subsection (2) “disposal” includes a simultaneous disposal by both parents.
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(3) Where a child—
(a) at any time disposes of the land or a part of the land referred to in subsection (2), other than to his or her [8]>spouse<[8][8]>spouse or civil partner<[8], and
(b) the land being disposed of does not contain a dwelling house which—
(i) was constructed by the child since the time of acquisition of the land, and
(ii) has been occupied by the child as his or her only or main residence for a period of 3 years,
the chargeable gain which, but for subsection (2), would have accrued on the disposal of that land to the child, shall be treated as accruing to the child at the time of the disposal referred to in paragraph (a).
(4) Where subsection (2) applies to a disposal of land by a parent to a child, it shall not apply to any such subsequent disposal to that child unless, by virtue of subsection (3), the full amount of the chargeable gain which, but for subsection (2) would have accrued to the parent, is treated as accruing to the child.
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(5) (a) This section applies to the disposal of a site to a child of an individual’s civil partner if all other conditions of this section have been met.
(b) For the purposes of paragraph (a), “disposal” includes a simultaneous disposal by both civil partners concerned.
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(6) The reference in subsection (2)(a) to a ‘child of the parent’ and the references in subsections (2)(b), (3), (4) and (5) to ‘child’ shall be deemed to include the spouse or civil partner of the child concerned.
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Substituted by FA06 s72(1). This section applies to disposals made on or after the date of 31 March 2006