Section 611A Treatment of certain disposals made by The Pharmaceutical Society of Ireland

subscription or 30 day access with no obligation

Amendments

Section 611A inserted by Finance (No. 2) Act 2008 section 45 as respects disposals made on or after 20 November 2008.

(1) In this section—

"new Society" means Cumann Cógaisceoirí na hÉireann or, in the English language, The Pharmaceutical Society of Ireland established by section 5(2) of the Pharmacy Act 2007;

"old Society" means the Pharmaceutical Society of Ireland constituted and incorporated by section 4 of the Pharmacy (Ireland) Act 1875.

(2) An asset disposed of by the new Society which it acquired from the old Society by virtue of section 5 of the Pharmacy Act 2007 shall be deemed to have been acquired by the new Society at the same time and for the same consideration that it was acquired by the old Society, and the provisions of section 556 shall apply accordingly.

What is the tax treatment of assets disposed of by the Old Pharmaceutical Society to the New Pharmaceutical Society?

(1)-(2) No gain or loss arises. The assets are treated as having been acquired by the New Society at the time they were acquired by the Old Society.