Finance Act 2020
Despite speculation that capital taxes might rise to fund the Covid19 costs, no significant changes have been introduced.
CAT returns for agricultural or business property relief
A CAT return will now be required where a gift or inheritance comprises of agricultural property or relevant business property where agricultural relief or business relief apply.
CAT time limits
New amendments provide for a fixed commencement date of 31 December in the year which a CAT return is received for the 4-year time period for the making of enquires, raising of assessments and making repayments of tax by the Revenue Commissioners. A provision is also included which gives Revenue the power to raise an assessment at any time where an event occurs after a return is received that gives rise to any facts or matters relevant to the assessment.
Stamp Duty Reliefs for Farmers
Once again there are extensions to some stamp duty reliefs as announced on Budget Day. Farm consolidation relief has been extended to 31 December 2022 subject to commencement order. Consanguinity Relief on land transferred between family members at a reduced stamp duty rate of 1% is extended to 31 December 2023.
