Capital Acquisitions Tax Consolidation Act 2003 section 77

Exemption of heritage property

Section 77 exempts from capital acquisitions tax (CAT) heritage property, including objects of national, scientific, historic or artistic interest, and qualifying houses and gardens, subject to conditions regarding public access and permanent retention in the State.

• Pictures, prints, books, manuscripts, works of art, jewellery, scientific collections and other non-trading items of national, scientific, historic or artistic interest are exempt from CAT, provided they are kept permanently in the State and reasonable public viewing facilities are made available.
• The exemption is clawed back if the heritage property is sold within six years after the valuation date (and before the death of the beneficiary), unless the sale is by private treaty to a designated national institution, university, local authority or the Friends of the National Collections of Ireland.
• A house or garden situated in the State may also qualify for the exemption if it is of national, scientific, historic or artistic interest and has been open to the public for at least 60 days per year (with at least 40 of those days falling between 1 May and 30 September, and at least 10 of those 40 days falling on a Saturday or Sunday).
• A work of art normally kept outside the State is exempt from CAT if it was brought into the State solely for public exhibition, cleaning or restoration.