Direct Tax Acts, Finance Act 2018

533 Location of assets
CGTA75 s48; FA12 s56(1); FA17 s82 and Sch2(1)(y)

The situation of assets specified in this section shall, except where otherwise provided by section 29, be determined for the purposes of the Capital Gains Tax Acts in accordance with the following provisions:

(a) the situation of rights or interests (otherwise than by means of security) in or over immovable property shall be that of the immovable property;

(b) subject to this section, the situation of rights or interests (otherwise than by means of security) in or over tangible movable property shall be that of the tangible movable property;

(c) subject to this section, a debt, secured or unsecured, shall be situated in the State only if the creditor is resident in the State;

(d) shares or securities issued by any municipal or governmental authority, or by any body created by such an authority, shall be situated in the country of that authority;

[(da) subject to paragraph (d), shares in, or securities of, a company incorporated in the State shall be situated in the State and, for the purposes of this paragraph, “shares” includes [any]1 instrument or security the value of which is derived from, or calculated by reference to, shares;]2

(e) [subject to paragraphs (d) and (da)]3, registered shares or securities shall be situated where they are registered and, if registered in more than one register, where the principal register is situated;

(f) a ship or aircraft shall be situated in the State only if the owner is resident in the State, and an interest or right in or over a ship or aircraft shall be situated in the State only if the person entitled to the interest or right is resident in the State;

(g) the situation of goodwill as a trade, business or professional asset shall be at the place where the trade, business or profession is carried on;

(h) patents, trade marks and designs shall be situated where they are registered and, if registered in more than one register, where each register is situated, and copyright, franchises, rights and licences to use any copyright material, patent, trade mark or design shall be situated in the State if they, or any rights derived from them, are exercisable in the State;

(i) a judgment debt shall be situated where the judgment is recorded.

Go to Revenue Guidance Notes on TCA

Amendments

1 Substituted by FA17 s82 and Sch2(1)(y) and deemed to have come into operation on 1 June 2015

2 Inserted by FA12 s56(1)(a) applying as on and from 8 February 2012

3 Substituted by FA12 s56(1)(b) applying as on and from 8 February 2012

Revenue Guidance

Foreign Contracts – TB49, August 2002, p14

Corresponding UK Tax Provision

Section 275, Taxation of Chargeable Gains Act 1992

Sections referred to in text

section 29 [Persons chargeable]

Cross references

79C Exclusion of foreign currency as asset of certain companies