Capital Acquisitions Tax Consolidation Act 2003 section 59

Postponement, remission and compounding of tax

Section 59 provides Revenue with discretionary powers to postpone tax payments in cases of excessive hardship, to remit interest and tax after specified periods, and to compound tax liabilities where complex circumstances make it difficult to determine the exact amount payable.

• Where CAT on a gift or inheritance cannot be raised at once without excessive hardship, Revenue may allow payment to be postponed for such period, to such extent and on such terms (including waiver of interest) as they see fit.
• Where interest on unpaid CAT has grown to equal or exceed the amount of tax due, Revenue may remit any further interest accruing beyond that point.
• Where CAT remains unpaid more than 20 years after its due date, Revenue may remit all or part of the outstanding tax together with all or any interest on it.
• Where complex circumstances relating to a gift or inheritance, its valuation, or the assessment and collection of the tax justify doing so, Revenue may compound the tax on such terms as they think fit and give a discharge to the accountable person on payment of the compounded amount.