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Capital Acquisitions Tax

  • 09-05-2011 9:46pm
    #1
    labradoodlelady
    Closed Accounts Posts: 133 ✭✭


    Hi folks. I also posted this in the Accounting page but thought I may get more replies here.

    Just looking for a quick confirmation in relation to Capital Acquisitions Tax and the aggregation of gifts/inheritances for the relevant group threshold.

    When aggregating gifts/inheritances, are exempt gifts excluded from the calculation of prior gifts? Say for instance dwelling house relief.

    I would presume that they would be excluded as the taxable value would be nil, but if anyone could confirm that would be a great help.

    (This is for exam purposes, in relation to FA 2010, so current rules per FA 2011 are ignored).


    Many thanks


Comments

  • #2
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    Aggregation is on the taxable value of a gift or inheritance per Part 1 Para 3 Schedule 3 of CATCA 2003 so the gift/inheritance will not be aggregated if dwelling house exemption was claimed (assuming this brought the taxable value to nil)


  • #3
    labradoodlelady
    Closed Accounts Posts: 133 ✭✭labradoodlelady


    thanks v much!


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