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SOLR_PROP

Capital Acquisitions Tax Consolidation Act 2003

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Number 1 of 2003


CAPITAL ACQUISITIONS TAX CONSOLIDATION ACT 2003


ARRANGEMENT OF SECTIONS

PART 1

Preliminary

Section

1.

Short title.

2.

General interpretation.

3.

Meaning of “on a death”.

PART 2

Gift Tax

4.

Charge of gift tax.

5.

Gift deemed to be taken.

6.

Taxable gift.

7.

Liability to gift tax in respect of gift taken by joint tenants.

8.

Disponer in certain connected dispositions.

PART 3

Inheritance Tax

Chapter 1

General

9.

Charge of inheritance tax.

10.

Inheritance deemed to be taken.

11.

Taxable inheritance.

12.

Disclaimer.

13.

Surviving joint tenant deemed to take an inheritance, etc.

Chapter 2

Initial levy on discretionary trusts

14.

Interpretation (Chapter 2).

15.

Acquisitions by discretionary trusts.

16.

Application of this Act.

17.

Exemptions.

18.

Computation of tax.

Chapter 3

Annual levy on discretionary trusts

19.

Interpretation (Chapter 3).

20.

Annual acquisitions by discretionary trusts.

21.

Application of this Act.

22.

Exemptions.

23.

Computation of tax.

24.

Values agreed.

25.

Penalty.

PART 4

Value of Property for Tax

26.

Market value of property.

27.

Market value of certain shares in private companies.

28.

Taxable value of a taxable gift or inheritance.

29.

Contingencies affecting gifts or inheritances.

30.

Valuation date for tax purposes.

PART 5

Provisions Relating to Gifts and Inheritances

31.

Distributions from discretionary trusts.

32.

Dealings with future interests.

33.

Release of limited interests, etc.

34.

Settlement of an interest not in possession.

35.

Enlargement of interests.

36.

Dispositions involving powers of appointment.

37.

Cesser of liabilities.

38.

Disposition enlarging value of property.

39.

Gift subject to power of revocation.

40.

Free use of property, free loans, etc.

41.

When interest in assurance policy becomes interest in possession.

42

Provisions to apply where section 98 of Succession Act 1965 has effect.

43.

Disposition by or to a company.

44.

Arrangements reducing value of company shares.

PART 6

Returns and Assessments

45.

Accountable persons.

46.

Delivery of returns.

47.

Signing of returns, etc.

48.

Affidavits and accounts.

49.

Assessment of tax.

50.

Computation of tax.

PART 7

Payment and Recovery of Tax, Interest and Penalties

51.

Payment of tax and interest on tax.

52.

Set-off of gift tax paid in respect of an inheritance.

53.

Surcharge for undervaluation of property.

54.

Payment of tax by instalments.

55.

Payment of tax on certain assets by instalments.

56.

Payment of inheritance tax by transfer of securities.

57.

Overpayment of tax.

58.

Penalties.

59.

Postponement, remission and compounding of tax.

60.

Tax to be a charge.

61.

Receipts and certificates.

62.

Certificate relating to registration of title based on possession.

63.

Recovery of tax and penalties.

64.

Application of certain income tax provisions in relation to the collection and recovery of capital acquisitions tax, etc.

65.

Evidence in proceedings for recovery of tax.

PART 8

Appeals

66.

Appeals regarding value of real property.

67.

Appeals in other cases.

68.

Conditions before appeal may be made.

PART 9

Exemptions

69.

Exemption of small gifts.

70.

Exemption for spouses (gifts).

71.

Exemption for spouses (inheritances).

72.

Relief in respect of certain policies of insurance.

73

Relief in respect of certain policies of insurance relating to tax payable on gifts.

74.

Exemption of certain policies of assurance.

75.

Exemption of specified collective investment undertakings.

76.

Provisions relating to charities, etc.

77.

Exemption of heritage property.

78.

Heritage property of companies.

79.

Exemption of certain inheritances taken by parents.

80.

Payments relating to retirement, etc.

81.

Exemption of certain securities.

82.

Exemption of certain receipts.

83.

Exemption where disposition was made by the donee or successor.

84.

Exemption relating to qualifying expenses of incapacitated persons.

85.

Exemption relating to retirement benefits.

86.

Exemption relating to certain dwellings.

87.

Exemption of certain benefits.

88.

Exemption of certain transfers from capital acquisitions tax following the dissolution of a marriage.

PART 10

Reliefs

Chapter 1

Agricultural relief

89.

Provisions relating to agricultural property.

Chapter 2

Business relief

90.

Interpretation (Chapter 2).

91.

Application (Chapter 2).

92.

Business relief.

93.

Relevant business property.

94.

Minimum period of ownership.

95.

Replacements.

96.

Succession.

97.

Successive benefits.

98.

Value of business.

99.

Value of certain shares and securities.

100.

Exclusion of value of excepted assets.

101.

Withdrawal of relief.

102.

Avoidance of double relief.

Chapter 3

Miscellaneous reliefs

103.

Relief from double aggregation.

104.

Allowance for capital gains tax on the same event.

105.

Allowance for prior tax on the same event.

106.

Arrangements for relief from double taxation.

107.

Other relief from double taxation.

PART 11

Miscellaneous

108.

Certificates for probate.

109.

Payment of money standing in names of 2 or more persons.

110.

Court to provide for payment of tax.

111.

Liability to tax in respect of certain sales and mortgages.

112.

References in deeds and wills, etc. to death duties.

113.

Tax, in relation to certain legislation.

114.

Delivery, service and evidence of notices and forms, etc.

115.

Extension of certain Acts.

116.

Regulations.

117.

Care and management.

PART 12

Repeals, etc.

118.

Repeals.

119.

Consequential amendments to other enactments.

120.

Transitional provisions.

SCHEDULE 1

Valuation of Limited Interests

SCHEDULE 2

Computation of Tax

SCHEDULE 3

Consequential Amendments


Acts Referred to

Adoption Act 1991

1991, No. 14

Adoption Acts 1952 to 1998

Bankruptcy Act 1988

1988, No. 27

Capital Acquisitions Tax Act 1976

1976, No. 8

Central Bank Act 1971

1971, No. 24

Companies Act 1963

1963, No. 33

Companies (Amendment) Act 1986

1986, No. 26

Customs and Inland Revenue Act 1881

44 & 45 Vict., c. 12

Ethics in Public Office Act 1995

1995, No. 22

Family Law Act 1995

1995, No. 26

Family Law (Divorce) Act 1996

1996, No. 33

Finance Act 1894

57 & 58 Vict., c. 30

Finance (1909-10) Act 1910

10 Edw. 7, c. 21

Finance Act 1926

1926, No. 35

Finance Act 1954

1954, No. 22

Finance Act 1971

1971, No. 23

Finance Act 1978

1978, No. 21

Finance Act 1985

1985, No. 10

Finance Act 1999

1999, No. 2

Finance (No. 2) Act 2000

2000, No. 19

Income Tax Acts

Inland Revenue Regulation Act 1890

53 & 54 Vict., c. 21

Local Government Act 2001

2001, No. 37

Local Government Services (Corporate Bodies) Act 1971

1971, No. 6

Provisional Collection of Taxes Act 1927

1927, No. 7

Registration of Title Act 1964

1964, No. 16

Settled Land Act 1882

45 & 46 Vict., c. 38

Succession Act 1965

1965, No. 27

Stamp Duties Consolidation Act 1999

1999, No. 31

Tax Acts

Taxes Consolidation Act 1997

1997, No. 39

Unit Trusts Act 1990

1990, No. 37

Value-Added Tax Act 1972

1972, No. 22

Wills Act 1837

7 Will. & 1 Vict., c. 26

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Number 1 of 2003


CAPITAL ACQUISITIONS TAX CONSOLIDATION ACT 2003


AN ACT TO CONSOLIDATE ENACTMENTS RELATING TO CAPITAL ACQUISITIONS TAX. [21st February 2003]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: