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  • 16-01-2019 7:50pm
    #1
    sr814
    Registered Users Posts: 19 ✭


    Regarding the provision in subsection 3(d) that states the participation exemption does not apply if the shares derive their value/greater part of value from assets specified in s29 (3)(a), (b) and s29(6)...basically land and minerals in the State.

    s29(3)(a) only refers to land but numerous commentary/guidance refers to land and buildings. If a company is worth, eg €50m and it has a building on its balance sheet worth €30m would it apply? There appears to be a contradicition between the legislation and commentary unless buildings is included in land but can't find anything that confirms or denies that


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    #2
    Daxve
    Registered Users Posts: 162 ✭✭Daxve


    You need to look further for the full definition of land if the section does not specifically define a word go to the start of the chapter if it’s not defined there go to the start of the Part if it’s still not there look at the interpretation act and if it’s still not there it’s given it’s ordinary meaning.

    In this case land is not further defined in the section, chapter or part but it is covered by the interpretation act.

    The interpretation is:
    “Land” includes tenements,hereditaments, houses and buildings, land covered by water and any estate, right or interest in or over land.


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