Last week, Finance Bill 2024 (“the Bill”) concluded its expeditious journey through the Oireachtas as the Dail and Seanad finalised the various amendments arising from Committee stage. The following amendments will be of particular interest to members:
- The new rules for Retirement Relief, which are essentially a deferral of CGT becoming a permanent exemption if the qualifying assets are held for at least 12 years, now no longer require the child to make a claim at the end of the 12-year period; and
- The new 'active farmer' test introduced for CAT Agricultural Relief has been delayed and will be subject to a Ministerial Commencement Order, pending further consideration.
There were further amendments brought through at Committee stage including:
- CGT Angel Investor Relief was amended clarifying the period for which the certificate of commercial innovation will remain valid.
- The zero-rate of VAT was formally extended to milk alternatives (e.g., oat milk, almond milk, etc.).
- In relation to Residential Zoned Land Tax, the legislation now refers to the functions of Limerick City and Country Council in relation to the tax.
The Institute, under the auspices of the CCAB-I, has engaged with Revenue and the Department of Finance throughout the process.