2019 Finance No. 1/2019 “(2) An individual may elect that, where a capital gain has been received by or has accrued to him or her on or after the 1st April, 1988, in respect of the sale by him or her of his or her principal private residence or residential stand (hereinafter in this section called the “old principal private residence or old residential stand”) and the Commissioner is satisfied that, before the end of the year of assessment next following the sale, an amount equal to the whole or part of the consideration received or accrued in respect of the sale has been or will be expended on the purchase or construction, on land owned by him or her in Zimbabwe, of another principal private residence or residential stand (hereinafter in this section called the “new principal private residence or new residential stand”) for the individual concerned— (a) capital gains tax shall not be chargeable, if the amount of the consideration so received or accrued is equal to or less than the amount so expended; and (b) capital gains tax shall be chargeable, if the amount of the consideration so received or accrued exceeds the amount so expended, on a proportion of the capital gain determined by applying the following formula— in which— B C A A×C B represents that portion of the amount of the consideration received or accrued on the sale of the old principal private residence or old residential stand not so expended on the purchase or construction of the new principal private residence or new residential stand; represents the total amount of the consideration received or accrued on the sale of the old principal private residence or old residential stand; represents the capital gain in respect of the sale of the old principal private residence or old residential stand. (3) Where an amount is not chargeable to capital gains tax in terms of subsection (2), such amount shall be deducted from the amount referred to in section 11(2)(a) when determining the capital gain in respect of the new principal private residence or new residential stand, with effect from the year of assessment in which the new principal private residence or new residential stand was acquired.”. PART V Customs and Excise 23 Amendment of section 184 of Cap. 23:02 Section 184 (“Miscellaneous offences”) of the Customs and Excise Act [Chapter 23:02] is amended— (a) by the repeal of paragraph (g); (b) by the repeal of paragraph (o) and the substitution of— “(o) fraudulently claims any suspension, rebate, remission, refund or drawback of duty pursuant to regulations made in terms of section 223 for the purposes of section 120;”. 13