The Finance Bill 2012 is available for download here.
In the gift/inheritance tax area, changes since the Budget announcements are
- The 'rounding up' of the remaining group thresholds so now the thresholds are
for group 1 eg parents to children €250,000
for group 2 e.g. between siblings €33,500
for group 3 e.g. strangers €16,750
- Indexation that had previously applied has now been abolished so these thresholds are fixed for the foreseeable future.
- The payment date for CAT is shifted back to 31 October in line with the income tax and CGT payment dates, last year it was at 30 September
- The extension of the term 'discretionary trust' to entities such as foundations
- Specific anti avoidance legislation has been introduced for the use of general powers of appointment
- Restriction in the agricultural relief definition of the 'farmer test' for deduction of debts for the family home - only debts for the purchase, improvement or repair of the family home will be deductible.
- There is no longer the requirement for the farmer to remain Irish resident for agricultural relief
- Confirmation that the discretionary trust payment regime remains as per the pre FA 2010 rules i.e. 4 months.
