Revenue eBrief No. 039/21
26 February 2021
Capital acquisitions tax returns: agricultural and business reliefs
The Capital Acquisitions Tax Manual has been amended to include the requirement introduced by Finance Act 2020 to file a CAT return in all cases where a gift or inheritance comprises agricultural property or relevant business property and agricultural relief or business relief applies. This is an exception to the usual requirement for returns to be filed only where the aggregated value of benefits received exceeds 80% of the particular tax-free group threshold. The following parts have been updated:
CAT Part 11 (para 11.7.5) has also been amended to provide clarity in the context of a clawback of agricultural relief where agricultural land is exchanged for other agricultural land and Teagasc has issued a Farm Restructuring Certificate in connection with the stamp duty and CGT reliefs for farm consolidation and restructuring.