News

Revenue eBrief No. 170/21 – Tax and Duty Manual Guide to Capital Acquisitions Tax Compliance Interventions has been redrafted and restructured throughout to simplify the text. Some specific changes are detailed below.

• Paragraph 1.1 has updated wording on the definition of Discretionary Trust Tax.
• Paragraph 1.3 has been updated to reference section 45AA and 48(10) Capital Acquisitions Tax Act 2003 in relation to the Personal Representative and their role as an “agent” for non-resident beneficiaries in receipt of a benefit of more than €20,000.
• Paragraph 3 has been updated to provide additional guidance on the valuation date for Capital Acquisitions Tax.
• Paragraph 5 has been updated  to include the requirements introduced by Finance Act 2020 (section 55),  with effect from 19 December 2020, regarding an individual’s obligation to file a return when receiving a gift of agricultural property  where Agricultural Relief applies.
• Paragraph 5.1 has been updated to provide more information on the circumstances where Agricultural Relief can be clawed back.
• Paragraph 5.3 has been updated to provide the definition of payment entitlements for Agricultural Relief.
• Paragraph 6 has been updated to include the requirements introduced by Finance Act 2020 (section 55), with effect from 19 December 2020, regarding an individual’s obligation to file a return when receiving a gift of business property where Business Relief applies.