Taxes Consolidation Act, 1997 (Number 39 of 1997)
613 Miscellaneous exemptions for certain kinds of property.
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(1) The following shall not be chargeable gains—
(a) any bonus payable under an instalment saving scheme within the meaning of section 53 of the Finance Act, 1970;
(b) any prize under section 22 of the Finance (Miscellaneous Provisions) Act, 1956;
(c) any sum obtained by means of compensation or damages for any wrong or injury suffered by an individual in his or her person or in his or her [6]>profession.<[6][6]>profession;<[6]
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(ca) any sum obtained by means of compensation under the 2017 Voluntary Homeowners Relocation Scheme administered by the Commissioners of Public Works in Ireland under section 2 of the Commissioners of Public Works (Functions and Powers) Act 1996;
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(d) any payment to which section 205A applies.
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(2) Winnings from betting (including pool betting), lotteries, sweepstakes or games with prizes shall not be chargeable gains, and rights to winnings obtained by participating in any pool betting, lottery, sweepstake or game with prizes shall not be chargeable assets.
(3) No chargeable gain shall accrue on the disposal of a right to or to any part of—
(a) any allowance, annuity or capital sum payable out of any superannuation fund, or under any superannuation scheme, established solely or mainly for persons employed in a profession, trade, undertaking or employment, and their dependants,
(b) an annuity granted otherwise than under a contract for a deferred annuity by a company as part of its business of granting annuities on human life, whether or not including instalments of capital, or
(c) annual payments due under a covenant made by any person and not secured on any property.
(4)(a) [1]>No chargeable gain<[1]
[1]>
Subject to subsection (5), no chargeable gain<[1]
shall accrue on the disposal of an interest created by or arising under a settlement (including in particular an annuity or life interest and the reversion to an annuity or life interest)—
(i) by the person for whose benefit the interest was created by the terms of the settlement, or
(ii) by any other person except one who acquired, or derives that person’s title from one who acquired, the interest for a consideration in money or money’s worth, other than consideration consisting of another interest under the settlement.
(b) Subject to paragraph (a), where a person who has acquired an interest in settled property (including in particular the reversion to an annuity or life interest) becomes as the holder of that interest absolutely entitled as against the trustee to any settled property, the person shall be treated as disposing of the interest in consideration of obtaining that settled property, but without prejudice to any gain accruing to the trustee on the disposal of that property deemed to be effected by the trustee under section 576(1).
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(5) Subsection (4)(a) shall not apply—
(a) to the disposal of an interest in settled property, other than such a disposal treated under subsection (4)(b) as made in consideration of obtaining the settled property, if at the time of the disposal the trustees are neither resident nor ordinarily resident in the State,
(b) if the settlement falls within subsection (6), or
(c) the property comprised in the settlement is or includes property that is derived directly or indirectly from a settlement falling within subsection (6).
(6) (a) In this subsection “arrangements” means arrangements having the force of law by virtue of [3]>section 826<[3]
[4]>[3]>section 826(1)(a)<[3]<[4]
[4]>section 826(1)<[4] (as extended to capital gains tax by section 828).
(b) A settlement falls within this subsection if there has been a time when the trustees of the settlement—
(i) were neither resident nor ordinarily resident in the State, or
(ii) fell to be regarded for the purposes of any arrangements as resident in a territory outside the State.
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(7) No chargeable gain shall arise on the receipt of an amount of compensation whether in money or money’s worth under the Cessation of Turf Cutting Compensation Scheme administered by the Minister for Arts, Heritage and the Gael-tacht relating to the cessation of turf cutting on raised bog Special Areas of Conservation or Natural Heritage Areas, as required under the European Communities (Birds and Natural Habitats) Regulations 2011 (S.I. No. 477 of 2011) or the Wildlife (Amendment) Act 2000.
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(7)(a) No chargeable gain shall arise on the receipt of an amount of compensation in money or money’s worth under the Cessation of Turf Cutting Compensation Scheme or the Protected Raised Bog Restoration Incentive Scheme administered by the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs, relating to—
(i) a European Site (within the meaning of Regulation 2 of the European Communities (Birds and Natural Habitats) Regulations 2011 (S.I. No. 477 of 2011)) that contains raised bog,
(ii) a Natural Heritage Area (within the meaning of section 2 of the Wildlife Act 1976 (No. 39 of 1976)) that contains raised bog, or
(iii) any other lands which, in the opinion of the Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs, are necessary to achieve the restoration of a European Site or Natural Heritage Area, referred to in subparagraph (i) or (ii).
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(aa) No chargeable gain shall arise on a disposal of land (including a right of turbary) to the Minister referred to in paragraph (a) where that land has been acquired by that Minister for the purposes of granting a right of turbary to an individual who—
(i) is entitled to compensation under the scheme referred to in paragraph (a), and
(ii) enters into an agreement with that Minister in respect of that land (or any estate, right or interest in or over that land).
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(b) Any amount paid under the Protected Raised Bog Restoration Incentive Scheme for the voluntary purchase of land or under a management agreement within the meaning of Regulation 2 of the European Communities (Birds and Natural Habitats) Regulations 2011 shall be deemed to be an amount of compensation for the purposes of paragraph (a).
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[1]
Substituted by FA99 s90(1)(a)(i). This section shall apply as respects the disposal on or after the 11th day of February, 1999, of an interest created by or arising under a settlement.
[2]
Inserted by FA99 s90(1)(a)(ii). This section shall apply as respects the disposal on or after the 11th day of February, 1999, of an interest created by or arising under a settlement.
[3]
Substituted by FA04 sched3(1)(p). This section shall have effect as on and from the passing of this Act. FA04 25 March 2004
[4]
Substituted by FA07 sched2(1)(r). Has effect as on and from the passing of this Act. FA07 2 April 2007
[5]
Inserted by FA12 s62. Deemed to have come into force and takes effect on and from 1 January 2012.
[6]
Substituted by F(No.2)A13 s77(1)(b)(i). Applies to payments to which section 205A applies made on or after 1 August 2013.
[7]
Inserted by F(No.2)A13 s77(1)(b)(ii). Applies to payments to which section 205A applies made on or after 1 August 2013.
[8]
Substituted by FA16 s30(1). Applies to amounts of compensation received on or after 1 October 2016 under the Schemes referred to in subsection (1).