Link Report

“control”, in relation to a company, is construed in accordance with section 27(4)(b) ;

“nominee” has the same meaning as it has in section 27 ;

“private company” has the meaning assigned to it by section 27 ;

section 27 of the Capital Acquisitions Tax Consolidation Act 2003

section 27 of the Capital Acquisitions Tax Consolidation Act 2003

section 27 of the Capital Acquisitions Tax Consolidation Act 2003

(4) (a) In paragraph (b), the expression “shares in a private company” is construed by reference to the meanings that “share” and “private company” have, respectively, in section 27.

“company” and “share” have the same meaning as they have in section 27 ;

“company controlled by the donee” has the same meaning as is assigned to “company controlled by the donee or successor” by section 27.

(a) a reference in section 27 to a company controlled by the successor and the definition in that section of “group of shares” is construed as if (for the purpose of that reference) the list of persons contained in subsection (3) of that section and (for the purpose of that definition) the list of persons contained in that definition included the following, that is, the trustees of the discretionary trust, the living objects of the discretionary trust, the relatives of those objects, nominees of those trustees or of those objects or of the relatives of those objects, and the trustees of a settlement whose objects include the living objects of the discretionary trust or relatives of those living objects,

“market value”, in relation to property, means the market value of that property ascertained in accordance with sections 26 and 27 ;

(a) a reference in section 27 to a company controlled by the successor and the definition in that section of “group of shares” is construed as if (for the purpose of that reference) the list of persons contained in subsection (3) of that section and (for the purpose of that definition) the list of persons contained in that definition included the following, that is, the trustees of the discretionary trust, the living objects of the discretionary trust, the relatives of those objects, nominees of those trustees or of those objects or of the relatives of those objects, and the trustees of a settlement whose objects include the living objects of the discretionary trust or relatives of those living objects;

(1) In subsection (4), “company” means a private company within the meaning of section 27.

(4) For the purpose of this section, the donee or successor is deemed to be beneficially entitled in possession to any property notwithstanding that within 5 years prior to such a disposition as is referred to in subsection (3) that donee or successor has divested such donee or successor of such property, or any part of such property, otherwise than for full consideration in money or money’s worth or has disposed of it to a company of which such donee or successor is, at any time within that period of 5 years, deemed to have control within the meaning of section 27(4)(b).

“company” means a private company within the meaning of section 27 ;

(b) in the case of a share in which a beneficial interest subsists, the market value of that share ascertained in the manner described in section 27 as if, on the date on which the market value is to be ascertained, it formed an apportioned part of the market value of a group of shares consisting of all the shares in the company issued and outstanding at that date;

“share” has the same meaning as it has in section 27 ;

“company” means a private company within the meaning of section 27 ;

(a) the market value of shares in a company immediately before an arrangement is made, and ascertained under section 27 as if each share were a share in a company controlled at that time by the disponer concerned and that share was the absolute property of that disponer at that time, and

(7) (a) In paragraph (b), the expression “shares in a private company” shall be construed by reference to the meanings that “share” and “private company” have, respectively, in section 27.

“company” and “share” have the same meaning as they have in section 27 ;

“company controlled by the donee” has the same meaning as is assigned to “company controlled by the donee or successor” by section 27.

“private company” has the meaning assigned to it by section 27 ;

of one or more shares in a private company which (after the taking of the gift or inheritance) is, on the date of the gift or on the date of the inheritance, a company controlled by the donee or successor within the meaning of section 27, then each such share is, to the extent that its market value for tax purposes is, at the valuation date, attributable to relevant heritage property, exempt from tax and the value of such relevant heritage property is, to that extent, not to be taken into account in computing tax on any gift or inheritance taken by that person unless the exemption ceases to apply under subsection (5) or (6), subject to the condition that the relevant heritage property was in the beneficial ownership of the company on 12 April 1995, or in the beneficial ownership on that date of another company which was on that date a subsidiary of the first-mentioned company.

(ii) the employer is a private company within the meaning of section 27, and of which private company the employee is deemed to have control within the meaning of that section;

(1) In this section, “company” means a body corporate (wherever incorporated), other than a private company within the meaning of section 27.

(c) unquoted shares in or securities of a company whether incorporated in the State or othewise otherwise which is, on the valuation date (after the taking of the gift or inheritance), a company controlled by the donee or successor within the meaning of section 27,

(3) For the purposes of subsection (2) changes resulting from the formation, alteration or dissolution of a partnership, or from the acquisition of a business by a company controlled (within the meaning of section 27) by the former owner of the business, are disregarded.

(ii) until the expiration of the period of 5 years commencing on the date of the execution of the instrument or the subsequent sale (other than a sale the contract for which, if it were a written conveyance, would not, apart from section 82, be charged with full ad valorem duty or a sale to a company under the control of the vendor or of any person entitled to a beneficial interest in the dwellinghouse or apartment immediately prior to the sale or to a company which would, in relation to a notional gift of shares in that company taken, immediately prior to the sale, by any person so entitled, be under the control of the donee or successor within the meaning of section 16 of the Capital Acquisitions Tax Act, 1976 section 27 of the Capital Acquisitions Tax Consolidation Act 2003, irrespective of the shares the subject matter of the notional gift) of the dwellinghouse or apartment concerned, whichever event first occurs, that dwellinghouse or apartment will be occupied as the only or principal place of residence of the purchaser, or if there be more than one purchaser, of any one or more of the purchasers or of some other person in right of the purchaser or, if there be more than one purchaser, of some other person in right of any one or more of the purchasers and that no person, other than by virtue of a title prior to that of the purchaser, will derive any rent or payment in the nature of rent for the use of that dwellinghouse or apartment, or of any part of it, during that period, and no person—

(5) In subsection (4)(b), the reference to the subsequent sale does not include a reference to a sale the contract for which, if it were a written conveyance, would not, apart from section 82, be charged with full ad valorem duty or a sale to a company under the control of the vendor or of any person entitled to a beneficial interest in the dwellinghouse or apartment immediately prior to the sale or to a company which would, in relation to a notional gift of shares in that company taken, immediately prior to the sale, by any person so entitled, be under the control of the donee or successor within the meaning of section 27 of the Capital Acquisitions Tax Consolidation Act 2003, irrespective of the shares the subject matter of the notional gift.

(ii) until the expiration of the period of 5 years 2 years commencing on the date of the execution of the instrument or the subsequent sale (other than a sale the contract for which, if it were a written conveyance, would not, apart from section 82, be charged with full ad valorem duty or a sale to a company under the control of the vendor or of any person entitled to a beneficial interest in the dwellinghouse or apartment immediately prior to the sale or to a company which would, in relation to a notional gift of shares in that company taken, immediately prior to the sale, by any person so entitled, be under the control of the donee or successor within the meaning of section 16 of the Capital Acquisitions Tax Act, 1976 section 27 of the Capital Acquisitions Tax Consolidation Act 2003, irrespective of the shares the subject matter of the notional gift) of the dwellinghouse or apartment concerned, whichever event first occurs, that dwellinghouse or apartment will be occupied as the only or principal place of residence of the purchaser, or if there be more than one purchaser, of any one or more of the purchasers or of some other person in right of the purchaser or, if there be more than one purchaser, of some other person in right of any one or more of the purchasers and that no person, other than by virtue of a title prior to that of the purchaser, will derive any rent or payment in the nature of rent for the use of that dwellinghouse or apartment, or of any part of it, during that period. no person—

(ii) until the expiration of the period of 5 years 2 years commencing on the date of the execution of the instrument or the subsequent sale (other than a sale the contract for which, if it were a written conveyance, would not, apart from section 82, be charged with full ad valorem duty or a sale to a company under the control of the vendor or of any person entitled to a beneficial interest in the dwellinghouse or apartment immediately prior to the sale or to a company which would, in relation to a notional gift of shares in that company taken, immediately prior to the sale, by any person so entitled, be under the control of the donee or successor within the meaning of section 16 of the Capital Acquisitions Tax Act, 1976 section 27 of the Capital Acquisitions Tax Consolidation Act 2003, irrespective of the shares the subject matter of the notional gift) of the dwellinghouse or apartment concerned, whichever event first occurs, that dwellinghouse or apartment will be occupied as the only or principal place of residence of the purchaser, or if there be more than one purchaser, of any one or more of the purchasers or of some other person in right of the purchaser or, if there be more than one purchaser, of some other person in right of any one or more of the purchasers and that no person, other than by virtue of a title prior to that of the purchaser, will derive any rent or payment in the nature of rent for the use of that dwellinghouse or apartment, or of any part of it, during that period. no person—