Capital Acquisitions Tax Consolidation Act 2003

SCHEDULE 1

Valuation of Limited Interests

Sections 28 , 35 and 51.

[CATA 1976 First Sch.]

PART 1

Rules relating to the valuation of limited interests utilising Tables A and B in Parts 2 and 3 of this Schedule

1. The value of an interest for a single life in a capital sum shall be that sum multiplied by the factor, contained in column (3) or (4) respectively of Table A, which is appropriate to the age and sex of the person in respect of the duration of whose life the interest is to be valued.

2. The value of an interest in a capital sum for the joint continuance of 2 lives shall be the value of an interest in that sum for the older life, ascertained in accordance with rule 1, multiplied by the joint factor in column (2) of Table A which is appropriate to the younger life.

3. The value of an interest in a capital sum for the joint continuance of 3 or more lives shall be the value of an interest in that sum for the joint continuance of the 2 oldest of those lives, ascertained in accordance with rule 2, multiplied by the joint factor of the youngest of those lives.

4. The value of an interest in a capital sum for the longer of 2 lives shall be ascertained by deducting from the total of the values of an interest in that sum for each of those lives, ascertained in accordance with rule 1, the value of an interest in the capital sum for the joint continuance of the same 2 lives, ascertained in accordance with rule 2.

5. Where an interest is given for the longest of more than 2 lives, it shall be valued, in accordance with rule 4, as if it were for the longer of the 2 youngest of those lives.

6. The value of an interest in a capital sum for a period certain shall be the aggregate of—

(a) the value of the capital sum, multiplied by the factor in Table B which is appropriate to the number of whole years in that period (or zero if that period is less than a whole year); and

(b) where the period is not an integral number of years, a fraction (of which the numerator is the number of days in excess of the number of whole years, if any, in that period and the denominator is 365) of the difference between—

(i) the value of an interest in the capital sum for one year longer than the number of whole years, if any, in the period; and

(ii) the value ascertained under the provisions of paragraph (a) (or zero, where so provided in that paragraph).

7. In the case of a limited interest where the interest is for a life or lives, but is guaranteed for a period certain, the value shall be the higher of—

(a) the value of an interest for such life or lives, ascertained in accordance with the appropriate rule in this Part of this Schedule; and

(b) the value of an interest for the period certain, ascertained in accordance with rule 6.

8. The value of a limited interest for which the other rules in this Part of this Schedule provide no method of valuing shall be ascertained as if the interest taken were a series of absolute interests in the property applied in satisfaction of the interest from time to time, taken as separate gifts or inheritances as the case may be.

PART 2

TABLE A

Years of age

Joint Factor

Value of an interest in a capital of €1 for a male life aged as in column 1

Value of an interest in a capital of €1 for a female life aged as in column 1

(1)

(2)

(3)

(4)

0

.99

.9519

.9624

1

.99

.9767

.9817

2

.99

.9767

.9819

3

.99

.9762

.9817

4

.99

.9753

.9811

5

.99

.9742

.9805

6

.99

.9730

.9797

7

.99

.9717

.9787

8

.99

.9703

.9777

9

.99

.9688

.9765

10

.99

.9671

.9753

11

.98

.9653

.9740

12

.98

.9634

.9726

13

.98

.9614

.9710

14

.98

.9592

.9693

15

.98

.9569

.9676

16

.98

.9546

.9657

17

.98

.9522

.9638

18

.98

.9497

.9617

19

.98

.9471

.9596

20

.97

.9444

.9572

21

.97

.9416

.9547

22

.97

.9387

.9521

23

.97

.9356

.9493

24

.97

.9323

.9464

25

.97

.9288

.9432

26

.97

.9250

.9399

27

.97

.9209

.9364

28

.97

.9165

.9328

29

.97

.9119

.9289

30

.96

.9068

.9248

31

.96

.9015

.9205

32

.96

.8958

.9159

33

.96

.8899

.9111

34

.96

.8836

.9059

35

.96

.8770

.9005

36

.96

.8699

.8947

37

.96

.8626

.8886

38

.95

.8549

.8821

39

.95

.8469

.8753

40

.95

.8384

.8683

41

.95

.8296

.8610

42

.95

.8204

.8534

43

.95

.8107

.8454

44

.94

.8005

.8370

45

.94

.7897

.8283

46

.94

.7783

.8192

47

.94

.7663

.8096

48

.93

.7541

.7997

49

.93

.7415

.7896

50

.92

.7287

.7791

51

.91

.7156

.7683

52

.90

.7024

.7572

53

.89

.6887

.7456

54

.89

.6745

.7335

55

.88

.6598

.7206

56

.88

.6445

.7069

57

.88

.6288

.6926

58

.87

.6129

.6778

59

.86

.5969

.6628

60

.86

.5809

.6475

61

.86

.5650

.6320

62

.86

.5492

.6162

63

.85

.5332

.6000

64

.85

.5171

.5830

65

.85

.5007

.5650

66

.85

.4841

.5462

67

.84

.4673

.5266

68

.84

.4506

.5070

69

.84

.4339

.4873

70

.83

.4173

.4679

71

.83

.4009

.4488

72

.82

.3846

.4301

73

.82

.3683

.4114

74

.81

.3519

.3928

75

.80

.3352

.3743

76

.79

.3181

.3559

77

.78

.3009

.3377

78

.76

.2838

.3198

79

.74

.2671

.3023

80

.72

.2509

.2855

81

.71

.2353

.2693

82

.70

.2203

.2538

83

.69

.2057

.2387

84

.68

.1916

.2242

85

.67

.1783

.2104

86

.66

.1657

.1973

87

.65

.1537

.1849

88

.64

.1423

.1730

89

.62

.1315

.1616

90

.60

.1212

.1509

91

.58

.1116

.1407

92

.56

.1025

.1310

93

.54

.0939

.1218

94

.52

.0858

.1132

95

.50

.0781

.1050

96

.49

.0710

.0972

97

.48

.0642

.0898

98

.47

.0578

.0828

99

.45

.0517

.0762

100 or over

.43

.0458

.0698

 

PART 3

TABLE B

(Column (2) shows the value of an interest in a capital of €1 for the number of years shown in column (1))

Number of years

Value

Number of years

Value

(1)

(2)

(1)

(2)

1

.0654

26

.8263

2

.1265

27

.8375

3

.1836

28

.8480

4

.2370

29

.8578

5

.2869

30

.8669

6

.3335

31

.8754

7

.3770

32

.8834

8

.4177

33

.8908

9

.4557

34

.8978

10

.4913

35

.9043

11

.5245

36

.9100

12

.5555

37

.9165

13

.5845

38

.9230

14

.6116

39

.9295

15

.6369

40

.9360

16

.6605

41

.9425

17

.6826

42

.9490

18

.7032

43

.9555

19

.7225

44

.9620

20

.7405

45

.9685

21

.7574

46

.9750

22

.7731

47

.9815

23

.7878

48

.9880

24

.8015

49

.9945

25

.8144

50 and over

1.0000