Capital Acquisitions Tax Consolidation Act 2003 (Number 1 of 2003)
85 Exemption relating to retirement benefits.
[CATA 1976 s59B]
[3]>
(1) In this section, “retirement fund”, in relation to an inheritance taken on the death of a disponer, means an approved retirement fund or an approved minimum retirement fund, within the meaning of section 784A or 784C of the Taxes Consolidation Act 1997, being a fund which is wholly comprised of all or any of the following, that is—
(a) property which represents in whole or in part the accrued rights of the disponer, or of a predeceased [1]>spouse<[1][1]>spouse or civil partner<[1] of the disponer, under an annuity contract or retirement benefits scheme approved by the Commissioners for the purposes of Chapter 1 or Chapter 2 of Part 30 of that Act,
(b) any accumulations of income of such property, or
(c) property which represents in whole or in part those accumulations.
<[3]
[3]>
(1) In this section ‘retirement fund’, in relation to an inheritance taken on death of a disponer, means—
(a) an approved retirement fund or an approved minimum retirement fund, within the meaning of section 784A or 784C of the [4]>Taxes Consolidation Act 1997, or<[4][4]>Taxes Consolidation Act 1997,<[4]
(b) a Personal Retirement Savings Account, within the meaning of section 787A of the Taxes Consolidation Act 1997, where assets of the Personal Retirement Savings Account are treated [5]>under section 787G(4)<[5][5]>under subsection (4) or (4B), as the case may be, of section 787G of that Act<[5] of that Act as having been made available [6]>to an individual,<[6][8]>[6]>to an individual, or<[6]<[8][8]>to an individual,<[8]
[7]>
(c)a vested RAC within the meaning of section 787O(1) of the [9]>Taxes Consolidation Act 1997,<[9][9]>Taxes Consolidation Act 1997, or<[9]
<[7]
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(d)a PEPP, within the meaning of Chapter 2D of Part 30 of the Taxes Consolidation Act 1997, where assets of the PEPP are treated under subsection (4) or (4B), as the case may be, of section 787AA of that Act as having been made available to an individual,
<[10]
being a fund which is wholly comprised of all or any of the following, that is—
(i) property which represents in whole or in part the accrued rights of the disponer, or of a predeceased spouse or civil partner of the disponer, under—
(I) an annuity contract or retirement benefits scheme approved by the Commissioners for the purposes of Chapter 1 or Chapter 2 of Part 30 of the Taxes Consolidation Act 1997, or
(II) a Personal Retirement Savings Account being a PRSA product approved by the Commissioners for the purposes of Chapter 2A of Part 30 of the Taxes Consolidation Act 1997,
(ii) any accumulations of income of [11]>such property, or<[11][11]>such property,<[11]
(iii) property which represents in whole or in part these [12]>accumulations.<[12][12]>accumulations, or<[12]
<[3]
[13]>
(iv) a PEPP, within the meaning of Chapter 2D of Part 30 of the Taxes Consolidation Act 1997, registered for the purposes of that Chapter under Article 7 of Regulation (EU) No. 2019/1238 of the European Parliament and Council of 20 June 20191.
<[13]
(2) The whole or any part of a retirement fund which is comprised in an inheritance which is taken on the death of a disponer is exempt from tax in relation to that inheritance and the value of that inheritance is not taken into account in computing tax, where—
(a) the disposition under which the inheritance is taken is the will or intestacy of the disponer, and
(b) the successor is a [2]>child of the disponer<[2][2]>child of the disponer or of the civil partner of the disponer<[2] and had attained 21 years of age at the date of that disposition.
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Footnotes
1 OJ No. L. 198, 25.7.2019, p.1.
<[13]
[1]
Substituted by F(No.3)A11 sched3(19). Deemed to have come into operation as respects a gift or an inheritance taken on or after 1 January 2011.
[2]
Substituted by F(No.3)A11 sched3(20). Deemed to have come into operation as respects a gift or an inheritance taken on or after 1 January 2011.