Revenue eBrief No. 170/21

07 September 2021

Guide to Capital Acquisitions Tax Compliance Interventions

The 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.