The Finance Act 2023 was gazetted on 31 May 2023.
Amongst others, Chapter III of the Finance Act 2023 introduces the following amendments to the Real Property Gains Tax Act 1976 (‘
1 Section 18 of the Finance Act 2023.
2 For the purposes of the amendments, all of which relate to Schedule 2 of the RPGTA, an ‘asset’ refers to a chargeable asset (see Paragraph 1(1) of Schedule 2 of the RPGTA).
3 New paragraph (ia) to Paragraph 3(1)(b) of Schedule 2 and amendment to Paragraph 3(2) of Schedule 2 of the RPGTA.
4 See Part I of Schedule 5 of the RPGTA.
5 Amendment to Paragraph 19(5) of Schedule 2 of the RPGTA. Paragraph 19(5) also provides that if the property was acquired by the transferor prior to 1 January 1970, the acquisition price shall be the market value of the asset as at 1 January 1970 plus permitted expenses incurred by the transferor after 1 January 1970 less the types of payments received or forfeited by the transferor under subparagraphs (a), (b) or (c) of Paragraph 4(1) of Schedule 2 of the RPGTA.
6 The expression “a consideration consisting substantially of shares” means a consideration consisting of not less than 75% of shares (see Paragraph 1(4) of Schedule 2 of the RPGTA).
7 Amendment to Paragraph 3(1)(b)(ii) of Schedule 2 of the RPGTA.