1976_act_8

CAPITAL ACQUISITIONS TAX ACT, 1976

2 Articles / Provisions · Ireland

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ISB Act 1976-03-31

Schedule 1 CAPITAL ACQUISITIONS TAX ACT, 1976 Open official source

FIRST SCHEDULE Valuation of Limited Interests

Valuation of Limited Interests

Sections 18, Sections 26 and Sections 41.

PART I

Rules relating to the valuation of limited interests utilising Tables A and B in Parts II and III of this Schedule

1. The value of an interest for a single life in a capital sum shall be that sum multiplied by the factor, contained in column 3 or 4 respectively of Table A, which is appropriate to the age and sex of the person in respect of the duration of whose life the interest is to be valued.

2. The value of an interest in a capital sum for the joint continuance of two lives shall be the value of an interest in that sum for the older life, ascertained in accordance with rule 1, multiplied by the joint factor in column 2 of Table A which is appropriate to the younger life.

3. The value of an interest in a capital sum for the joint continuance of three or more lives shall be the value of an interest in that sum for the joint continuance of the two oldest of those lives, ascertained in accordance with rule 2, multiplied by the joint factor of the youngest of those lives.

4. The value of an interest in a capital sum for the longer of two lives shall be ascertained by deducting from the total of the values of an interest in that sum for each of those lives, ascertained in accordance with rule 1, the value of an interest in the capital sum for the joint continuance of the same two lives, ascertained in accordance with rule 2.

5. Where an interest is given for the longest of more than two lives, it shall be valued, in accordance with rule 4, as if it were for the longer of the two youngest of those lives.

6. The value of an interest in a capital sum for a period certain shall be the aggregate of—

(a) the value of the capital sum, multiplied by the factor in Table B which is appropriate to the number of whole years in that period (or zero if that period is less than a whole year); and

(b) where the period is not an integral number of years, a fraction (of which the numerator is the number of days in excess of the number of whole years, if any, in that period and the denominator is 365) of the difference between—

(i) the value of an interest in the capital sum for one year longer than the number of whole years, if any, in the period; and

(ii) the value ascertained under the provisions of paragraph (a) (or zero, where so provided in the said paragraph).

7. In the case of a limited interest where the interest is for a life or lives, but is guaranteed for a period certain, the value shall be the higher of—

(a) the value of an interest for such life or lives, ascertained in accordance with the appropriate rule in this part of this Schedule; and

(b) the value of an interest for the period certain, ascertained in accordance with rule 6.

8. The value of a limited interest for which the other rules in this Part of this Schedule provide no method of valuing shall be ascertained as if the interest taken were a series of absolute interests in the property applied in satisfaction of the interest from time to time, taken as separate gifts or inheritances, as the case may be.

PART II

TABLE A

Years of age

Joint Factor

Value of an interest in a capital of £1 for a male life aged as in column 1

Value of an interest in a capital of £1 for a female life aged as in column 1

9519

9624

9767

9817

9767

9819

9762

9817

9753

9811

9742

9805

9730

9797

9717

9787

9703

9777

9688

9765

9671

9753

9653

9740

9634

9726

9614

9710

9592

9693

9569

9676

9546

9657

9522

9638

9497

9617

9471

9596

9444

9572

9416

9547

9387

9521

9356

9493

9323

9464

9288

9432

9250

9399

9209

9364

9165

9328

9119

9289

9068

9248

9015

9205

8958

9159

8899

9111

8836

9059

8770

9005

8699

8947

8626

8886

8549

8821

8469

8753

8384

8683

8296

8610

8204

8534

8107

8454

8005

8370

7897

8283

7783

8192

7663

8096

7541

7997

7415

7896

7287

7791

7156

7683

7024

7572

6887

7456

6745

7335

6598

7206

6445

7069

6288

6926

6129

6778

5969

6628

5809

6475

5650

6320

5492

6162

5332

6000

5171

5830

5007

5650

4841

5462

4673

5266

4506

5070

4339

4873

4173

4679

4009

4488

3846

4301

3683

4114

3519

3928

3352

3743

3181

3559

3009

3377

2838

3198

2671

3023

2509

2855

2353

2693

2203

2538

2057

2387

1916

2242

1783

2104

1657

1973

1537

1849

1423

1730

1315

1616

1212

1509

1116

1407

1025

1310

0939

1218

0858

1132

0781

1050

0710

0972

0642

0898

0578

0828

0517

0762

100 or over

0458

0698

PART III

TABLE B

(Column 2 shows the value of an interest in a capital of £1 for the number of years shown in column 1).

Number of years

Value

Number of years

Value

0654

8263

1265

8375

1836

8480

2370

8578

2869

8669

3335

8754

3770

8834

4177

8908

4557

8978

4913

9043

5245

9100

5555

9165

5845

9230

6116

9295

6369

9360

6605

9425

6826

9490

7032

9555

7225

9620

7405

9685

7574

9750

7731

9815

7878

9880

8015

9945

8144

50 and over

10000

ISB Act 1976-03-31

Schedule 2 CAPITAL ACQUISITIONS TAX ACT, 1976 Open official source

SECOND SCHEDULE Computation of Tax

Computation of Tax

Sections 9, 36, 40, 53 and 54.

PART I

Preliminary

1. In this Schedule—

“aggregable gift” means a gift taken by a donee on or after the 28th day of February, 1969, and before the 28th day of February, 1974, which, so far as it is a taxable gift, is by virtue of section 9 to be aggregated with any later taxable gift or taxable inheritance for the purpose mentioned in that section;

“aggregable value” means the taxable value of an aggregable gift;

“appropriate Table”, in relation to a donee or successor who, at the date of the gift or at the date of the inheritance, in respect of which gift or inheritance the tax is being computed, is—

(a) the spouse, child, or minor child of a deceased child, of the disponer, means Table I;

(b) a lineal ancestor or a lineal descendant (other than a child, or a minor child of a deceased child) of the disponer, means Table II;

(d) a donee or successor who does not stand to the disponer in a relationship referred to in subparagraph (a), (b) or (c), means Table IV;

contained in Part II of this Schedule.

2. In each Table contained in Part II of this Schedule, “value” means—

(a) in the case referred to in paragraph 3, the taxable value referred to in that paragraph;

(b) in the case referred to in paragraph 4, the aggregate referred to in that paragraph.

3. Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has taken no other taxable gift or taxable inheritance or aggregable gift from the same disponer, shall be computed at the rate or rates of tax applicable to that taxable value under the appropriate Table.

4. Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has previously taken one or more taxable gifts on or after the 28th day of February, 1974, or taxable inheritances on or after the 1st day of April, 1975, or aggregable gifts, from the same disponer, shall be computed at the rate or rates of tax applicable under the appropriate Table to such part of the aggregate of—

(a) that taxable value;

(b) the taxable values of all such previous taxable gifts and taxable inheritances (if any); and

as is the highest part of that aggregate and is equal to that taxable value.

5. In each Table contained in Part II of this Schedule, any rate of tax shown in the third column is that applicable to such portion of the value (within the meaning of paragraph 2) as exceeds the lower limit shown in the first column but does not exceed the upper limit (if any) shown in the second column.

6. The tax chargeable on the taxable value of a taxable gift shall be 75 per cent. of the amount of tax computed in accordance with this Schedule.

7. For the purposes of this Schedule, all gifts and inheritances taken by a donee or successor from one disponer on the same day shall count as one, and to ascertain the amount of tax payable on one gift or inheritance of several taken on the same day, the amount of tax computed under this Schedule as being payable on the gifts or inheritances taken on that day shall be apportioned rateably, according to the taxable values of the several taxable gifts and taxable inheritances taken on the one day.

8. Where any donee or successor is, at the date of the gift or at the date of the inheritance, the surviving spouse of a deceased person who, at the time of his death, was of nearer relationship than such donee or successor to the disponer, then such donee or successor shall, in the computation of the tax payable on such taxable gift or taxable inheritance, be deemed to bear to the disponer the relationship of that deceased person.

9. In any case where—

(a) the donee or successor is a nephew or niece of the disponer who has worked substantially on a full-time basis for the period of 5 years ending on the date of the gift or the date of the inheritance in carrying on, or assisting in the carrying on of, the trade, business or profession or the work of or connected with the office or employment of the disponer; and

(b) the gift or inheritance consists of property which was used in connection with such trade, business, profession, office or employment or of shares in a company owning such property,

then, for the purpose of computing the tax payable on the gift or inheritance, the donee or successor shall be deemed to bear to the disponer the relationship of a child.

PART II

TABLE I

Applicable where the donee or successor is the spouse, child, or minor child of a deceased child, of the disponer.

Portion of Value

Rate of tax

Lower Limit

Upper Limit

Per cent.

150,000

Nil

150,000

200,000

250,000

300,000

350,000

400,000

—

TABLE II

Applicable where the donee or successor is a lineal ancestor or a lineal descendant (other than a child, or a minor child of a deceased child) of the disponer.

Portion of Value

Rate of tax

Lower Limit

Upper Limit

Per cent.

15,000

Nil

15,000

18,000

23,000

33,000

43,000

53,000

63,000

73,000

88,000

103,000

118,000

133,000

148,000

163,000

178,000

193,000

208,000

—

TABLE III

Applicable where the donee or successor is a brother or a sister, or a child of a brother or of a sister, of the disponer.

Portion of Value

Rate of tax

Lower Limit

Upper Limit

Per cent.

10,000

Nil

10,000

13,000

18,000

28,000

38,000

48,000

58,000

68,000

83,000

98,000

113,000

—

TABLE IV

Applicable where the donee or successor does not stand to the disponer in a relationship referred to in Table I, II or III of this Part of this Schedule.

Portion of Value

Rate of tax

Lower Limit

Upper Limit

Per cent.

5,000

Nil

5,000

8,000

13,000

23,000

33,000

43,000

53,000

63,000

78,000

93,000

—

CAPITAL ACQUISITIONS TAX ACT, 1976

Statutory Text (2 Articles)

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