Revenue redrafted and restructured the Tax and Duty Manual Guide to Capital Acquisitions Tax Compliance Interventions to simplify the text. Some of the specific changes are detailed below.

• Paragraph 1.1 has updated wording on the definition of discretionary trust tax.
• Paragraph 1.3 has been updated to reference section 45AA and 48(10) Capital Acquisitions Tax Act 2003 in relation to the personal representative and their role as an “agent” for non-resident beneficiaries in receipt of a benefit of more than €20,000.
• Paragraph 3 has been updated to provide additional guidance on the valuation date for capital acquisitions tax.
• Paragraph 5 has been updated to include the requirements introduced by Finance Act 2020 (section 55), with effect from 19 December 2020, regarding an individual’s obligation to file a return when receiving a gift of agricultural property where agricultural relief applies.
• Paragraph 5.1 has been updated to provide more information on the circumstances where agricultural relief can be clawed back.
• Paragraph 5.3 has been updated to provide the definition of payment entitlements for agricultural relief.
• Paragraph 6 has been updated to include the requirements introduced by Finance Act 2020 (section 55), with effect from 19 December 2020, regarding an individual’s obligation to file a return when receiving a gift of business property where business relief applies.

See Revenue eBrief No.170/21 for more information.