Capital Acquisitions Tax Consolidation Act 2003 section 115

Extension of certain Acts

Section 115 allows changes to capital acquisitions tax (CAT) to be applied through budgetary resolution and places responsibility for the tax on the Revenue Commissioners.

• The Provisional Collection of Taxes Act 1927 is extended to cover gift tax and inheritance tax, enabling budgetary resolutions to have the force of law pending enactment of the Finance Act.
• The Inland Revenue Regulation Act 1890, which governs the structure and functions of the Revenue Commissioners, is extended to apply to gift tax and inheritance tax.
• These amendments allow changes to CAT rates or provisions to take immediate effect through a Financial Resolution of Dáil Éireann, without waiting for the Finance Act to be passed.
• The Revenue Commissioners are given the same obligations to account for CAT as they already have for other taxes and duties under their care.