Taxes Consolidation Act 1997 section 611A

Treatment of certain disposals made by The Pharmaceutical Society of Ireland

Section 611A ensures that assets transferred from the old Pharmaceutical Society of Ireland to the new Pharmaceutical Society of Ireland under the Pharmacy Act 2007 are treated, for capital gains tax purposes, as if they had always been held by the new Society.

• The old Society was established under the Pharmacy (Ireland) Act 1875 and was dissolved under the Pharmacy Act 2007, with a new body (Cumann Cógaisceoirí na hÉireann, or The Pharmaceutical Society of Ireland) established in its place.
• All rights, property and liabilities of the old Society transferred to the new Society under section 5(4) of the Pharmacy Act 2007.
• Where the new Society disposes of an asset acquired from the old Society under that transfer, it is deemed to have acquired the asset at the same time and for the same consideration as the old Society.
• The section applies to disposals made on or after 20 November 2008.