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Capital Acquisitions Tax Consolidation Act 2003 (2010) - Table of Contents

Part 1 PRELIMINARY

Section 1 Short title

Section 2 Interpretation

Section 3 Meaning of "on a death"

Part 2 GIFT TAX

Section 4 Charge of gift tax

Section 5 Gift deemed to be taken

Section 6 Taxable gift

Section 7 Liability to gift tax in respect of gift taken by joint tenants

Section 8 Disponer in certain connected dispositions

Part 3 INHERITANCE TAX

CHAPTER 1 General

Section 9 Charge of inheritance tax

Section 10 Inheritance deemed to be taken

Section 11 Taxable inheritance

Section 12 Disclaimer

Section 13 Surviving joint tenant deemed to take an inheritance, etc

CHAPTER 2 Initial levy on discretionary trusts

Section 14 Interpretation (Chapter 2)

Section 15 Acquisitions by discretionary trusts

Section 16 Application of this Act

Section 17 Exemptions

Section 18 Computation of tax

CHAPTER 3 Annual levy on discretionary trusts

Section 19 Interpretation (Chapter 3)

Section 20 Annual acquisitions by discretionary trusts

Section 21 Application of this Act

Section 22 Exemptions

Section 23 Computation of tax

Section 24 Values agreed

Section 25 Penalty

Part 4 VALUE OF PROPERTY FOR TAX

Section 26 Market value of property

Section 27 Market value of certain shares in private companies

Section 28 Taxable value of a taxable gift or inheritance

Section 29 Contingencies affecting gifts or inheritances

Section 30 Valuation date for tax purposes

Part 5 PROVISIONS RELATING TO GIFTS AND INHERITANCES

Section 31 Distributions from discretionary trusts

Section 32 Dealings with future interests

Section 33 Release of limited interests, etc

Section 34 Settlement of an interest not in possession

Section 35 Enlargement of interests

Section 36 Dispositions involving powers of appointment

Section 37 Cesser of liabilities

Section 38 Disposition enlarging value of property

Section 39 Gift subject to power of revocation

Section 40 Free use of property, free loans, etc

Section 41 When interest in assurance policy becomes interest inpossession

Section 42 Provisions to apply where section 98 of Succession Act 1965 has effect

Section 43 Disposition by or to a company

Section 44 Arrangements reducing value of company shares

Part 6 RETURNS AND ASSESSMENTS

Section 45 Accountable persons

Section 45A Obligation to retain certain records

Section 45AA Liability of certain persons in respect of non-resident beneficiaries

Section 46 Delivery of returns

Section 46A Expression of doubt

Section 47 Signing of returns, etc

Section 48 Affidavits and accounts

Section 49 Assessment of tax

Section 50 Computation of tax

Part 7 PAYMENT AND RECOVERY OF TAX, INTEREST AND PENALTIES

Section 51 Payment of tax and interest on tax

Section 52 Set-off of gift tax paid in respect of an inheritance

Section 53 Surcharge for undervaluation of property

Section 53A Surcharge for late returns

Section 54 Payment of tax by instalments

Section 55 Payment of tax on certain assets by instalments

Section 56 Payment of inheritance tax by transfer of securities

Section 57 Overpayment of tax

Section 58 Penalties

Section 59 Postponement, remission and compounding of tax

Section 60 Tax to be a charge

Section 61 Receipts and certificates

Section 62 Certificate relating to registration of title based on possession

Section 63 Recovery of tax and penalties

Section 64 Application of certain income tax provisions in relation to the collection and recovery of capital acquisitions tax, etc

Section 65 Evidence in proceedings for recovery of tax

Part 8 APPEALS

Section 66 Appeals regarding value of real property

Section 67 Appeals in other cases

Section 68 Conditions before appeal may be made

Part 9 EXEMPTIONS

Section 69 Exemption of small gifts

Section 70 Exemption for spouses (gifts)

Section 71 Exemption for spouses (inheritances)

Section 72 Relief in respect of certain policies of insurance

Section 73 Relief in respect of certain policies of insurance relating to tax payable on gifts

Section 74 Exemption of certain policies of assurance

Section 75 [Exemption of certain investment entities]

Section 76 Provisions relating to charities, etc

Section 77 Exemption of heritage property

Section 78 Heritage property of companies

Section 79 Exemption of certain inheritances taken by parents

Section 80 Payments relating to retirement, etc

Section 81 Exemption of certain securities

Section 82 Exemption of certain receipts

Section 83 Exemption where disposition was made by the donee or successor

Section 84 Exemption relating to qualifying expenses of incapacitated persons

Section 85 Exemption relating to retirement benefits

Section 86 Exemption relating to certain dwellings

Section 87 Exemption of certain benefits

Section 88 Exemption of certain transfers from capital acquisitions tax following the dissolution of a marriage

Part 10 RELIEFS

CHAPTER 1 Agricultural relief

Section 89 Provisions relating to agricultural property

CHAPTER 2 Business relief

Section 90 Interpretation (Chapter 2)

Section 91 Application (Chapter 2)

Section 92 Business relief

Section 93 Relevant business property

Section 94 Minimum period of ownership

Section 95 Replacements

Section 96 Succession

Section 97 Successive benefits

Section 98 Value of business

Section 99 Value of certain shares and securities

Section 100 Exclusion of value of excepted assets

Section 101 Withdrawal of relief

Section 102 Avoidance of double relief

CHAPTER 2A Clawback of agricultural relief or business relief: development land

Section 102A Agricultural and business property: development land

CHAPTER 3 Miscellaneous reliefs

Section 103 Relief from double aggregation

Section 104 Allowance for capital gains tax on the same event

Section 105 Allowance for prior tax on the same event

Section 106 Arrangements for relief from double taxation

Section 107 Other relief from double taxation

Part 11 MISCELLANEOUS

Section 108 Certificates for probate

Section 109 Payment of money standing in names of 2 or more persons

Section 110 Court to provide for payment of tax

Section 111 Liability to tax in respect of certain sales and mortgages

Section 112 References in deeds and wills, etc. to death duties

Section 113 Tax, in relation to certain legislation

Section 114 Delivery, service and evidence of notices and forms, etc

Section 115 Extension of certain Acts

Section 116 Regulations

Section 117 Care and management

Part 12 REPEALS, ETC.

Section 118 Repeals

Section 119 Consequential amendments to other enactments

Section 120 Transitional provisions

Schedules

Schedule 1 Valuation of limited interests

Schedule 2 Computation of tax

Schedule 3 Consequential amendments

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Capital Acquisitions Tax Consolidation Act 2003 (2010) - Table of Contents