Taxes Consolidation Act 1997 section 568

Liability of trustees, etc.

Section 568 makes special provision for the assessment of capital gains tax on trustees of a settlement and personal representatives of a deceased person.

• Capital gains tax on trustees or personal representatives may be assessed on any one or more of them.
• Chargeable gains accruing to trustees or personal representatives are not regarded as accruing to any other person, except where a beneficiary is absolutely entitled as against the trustee.
• A trustee or personal representative is not regarded as an individual for CGT purposes and therefore does not qualify for the annual exemption of €1,270.
• These provisions apply to trustees of settled property and not to bare trustees, who are simply nominees or custodians for the beneficial owner.