Irish Revenue Publishes Notes For Guidance On Capital Acquisition Tax
The Irish Revenue Commission has this week issued public notes for guidance for the Capital Acquisition Tax Consolidation Act of 2003 (as amended by subsequent Acts up to and including the Finance Act 2008). The object of the notes is to provide a comprehensive section-by-section
commentary on all provisions of the Capital Acquisitions Tax Consolidation Act
2003, as amended.
The Revenue revealed that the notes contain: Capital acquisitions tax was introduced in the Capital Acquisitions Tax Act
1976. The tax, which consists of a tax on gifts and inheritances, replaced the system
of death duties which had been in existence for over a century, and applies
to gifts taken on or after 28th February 1974 and to inheritances taken on or
after 1st April 1975. The tax became a self-assessment tax in 1989. .
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