Capital Acquisitions Tax Consolidation Act 2003 section 78

Heritage property of companies

Section 78 extends the heritage property exemption from CAT to shares in a private company that is controlled by the beneficiary, where the value of those shares is attributable to relevant heritage property.

• Shares in a family-controlled private company are exempt from CAT to the extent that their market value is attributable to relevant heritage property (heritage objects, buildings, or gardens qualifying under section 77), provided the property was beneficially owned by the company on or before 12 April 1995.
• Where shares qualify for both heritage exemption and business relief, the heritage property value is excluded from the business relief calculation — but business relief on the non-heritage portion of the share value is not otherwise restricted.
• The exemption is clawed back if the shares or the underlying heritage property are sold within six years of the valuation date and before the death of the beneficiary, or if conditions regarding retention in the State and public access are breached.
• The clawback does not apply if the shares or heritage property are sold by private treaty to a designated national institution, university, local authority, or the Friends of the National Collections of Ireland.