CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(b) from sums obtained by way of compensation or damages for any
wrong or injury suffered by an individual in his person or in his profession
or vocation;
(c) from winnings from betting lawfully carried on under or by virtue
of the provisions of the Gambling and Betting Act including pool
betting and lotteries or games with prizes;
(d) on the disposal of an asset by an individual or a company which is
under the provisions of this Act or of the Corporation Tax Act, exempt
from tax;
(e) on the disposal of any security in Trinidad and Tobago;
(f) private motor-cars, household goods and owner-occupied houses
disposed of for five thousand dollars or under.
(3) In this paragraph "security" includes any loans, stock or similar
security whether of the Government of Trinidad and Tobago or any other
Government, or of any public or local authority in Trinidad and Tobago or
elsewhere, or of any company, or whether secure or unsecured.
Valuation
7. (1) In any case where it considers it proper the Board may determine the
market value of any asset.
(2) In estimating the market value of any assets no reduction shall be made
in the estimate on account of the estimate being made on the assumption
that the whole of the assets is to be placed on the market at one and the
same time.
(3) If and so far as the question in dispute on any objection to or appeal
against an assessment to tax on chargeable gains, or against a decision on
a claim under this Schedule is a question of the value of any land, or of a
lease of land then the question shall be determined by the Appeal Board.
(4) If and so far as any such appeal involves the question of the value of
any shares or securities in a resident company, that question shall be
determined by the Appeal Board.
PART II
COMPUTATION
BIR Mac Edition 91/01 Page 154