Taxes Consolidation Act 1997 Schedule 23B paragraph 4

Amount of a standard fund threshold or personal fund threshold that is available at the date of a current event

Paragraph 4 of Schedule 23B sets out how to determine the amount of an individual's standard fund threshold or personal fund threshold that remains available at the date of a benefit crystallisation event.

• Where no benefit crystallisation event has occurred on or after 7 December 2005, the full standard fund threshold (€2 million) or personal fund threshold is available.
• Where prior benefit crystallisation events have used an amount equal to or greater than the standard fund threshold or personal fund threshold, none of the threshold remains and the entire current event is a chargeable excess.
• In any other case, the available threshold is the individual's standard fund threshold or personal fund threshold less the previously used amount.
• Any chargeable excess arising is taxable under Case IV of Schedule D at the higher rate of income tax for the tax year in which the benefit crystallisation event occurs.