Revenue has updated the Tax and Duty Manual that provides guidance on capital gains tax relief on disposals of certain land or buildings under section 604A TCA 1997. The updated guidance includes confirmation that the relief may apply in respect of disposals of land or buildings located in the UK. This reflects an amendment made to section 604A TCA 1997 by the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020.
In addition, Revenue has clarified that the meaning of “consideration” for the purpose of the relief is “the amount or value of the actual consideration in money or money’s worth given by the person or on the person’s behalf wholly and exclusively for the acquisition of the asset, together with the incidental costs to the person of the acquisition”.