Commencement Orders

Two commencement orders for Finance Act 2008 provisions have been signed by the Minister for Finance, both of which concern the decommissioning of fishing vessels.

SI 104 of 2008 brings into force FA08 s30 as it amends TCA97 s288. The net effect is the spreading of any balancing charge arising on the disposal of a fishing vessel as a consequence of the Department of Fisheries decommissioning scheme over a five year period. This provision takes effect from 17 April 2008.

SI 105 of 2008 brings into force an additional provision for CGT Retirement Relief (TCA97 s598), introduced by FA08 s54(1)(a)(i). Certain proceeds from the disposal of fishing vessels under the Department of Fisheries decommissioning scheme may qualify as business assets for the purposes of the relief. This provision takes effect from 1 May 2008.