84 Exemption relating to qualifying expenses of incapacitated persons

Summary

This section provides exemption from capital acquisitions tax for gifts and inheritances taken exclusively for the purpose of discharging the medical expenses and associated maintenance costs of a permanently incapacitated individual.

Details

(1) “qualifying expenses” is defined as expenses relating to medical care, including the cost of maintenance in connection with such medical care.

(2) A gift or an inheritance which is taken exclusively for the purpose of discharging qualifying expenses of an individual who is permanently incapacitated by reason of physical or mental infirmity is exempt from tax. The exemption applies to the extent that the Revenue Commissioners are satisfied that it has been or will be applied to such purpose. The entitlement to exemption will depend on the facts and circumstances of each case.

Relevant Date: Finance Act 2015