Irish Revenue Publishes Notes For Guidance On Capital Acquisition Tax

by Jason Gorringe, Tax-News.com, London

05 August 2008

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:

• An overview of the Capital Acquisitions Tax Consolidation Act 2003 (as amended by subsequent Acts up to and including the Finance Act 2008);
• A brief overview of the provisions of each Part of the Act; and
• A commentary on every section in each Part of the Act.

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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