210 / 342
GAZETTE
Schedule 3 of the Capital Gains
Tax Act 1 975 as meaning that any
consideration paid wastes totally
once the initial leasehold interest
has expired.
This information is clearly of
great relevance to any persons
thinking of buying commercial pro-
perty held under a short-term lease
and Solicitors should obviously ad-
vise clients of the position when
advising them initially. In the light
of the above information, a pro-
spective purchaser might obvious-
ly wish to renegotiate the purchase
price downwards.
Finally, it may be advisable for
the Law Society to take up this
matter with the Revenue Commis-
sioners and perhaps to seek
Counsel's Opinion on the inter-
pretation of the 1 975 Act and the
Constitutionality thereof in the light
of the above.
Yours sincerely,
Pierce O'Sullivan, Esq.,
Solicitor.
22-24 Florence Rd.,
Bray, Co. Wicklow.
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THIS IS THE WAY...
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Pounds
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for any of the charitable objects of the Society, as it,
the Society, at its absolute discretion, may decide."
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