19th March, 2021
Capital acquisitions tax returns: agricultural and business reliefs
The Capital Acquisitions Tax Manual has been amended to include the requirement introduced by Finance Act 2020 to file a CAT return in all cases where a gift or inheritance comprises agricultural property or relevant business property and agricultural relief or business relief applies. This is an exception to the usual requirement for returns to be filed only where the aggregated value of benefits received exceeds 80% of the particular tax-free group threshold.
Irish revenue have issued an e-bulletin on it –
https://www.revenue.ie/en/tax-professionals/ebrief/2021/no-0392021.aspx
