Capital Taxes Fundamentals (TT manual)

1. Context and Confines of Capital Taxes

1.1 Appreciate the influences and confines which frame the Irish capital taxes system

1.2 Outline the main sources of law for capital taxes

2. Overview of the Charge to Capital Gains Tax (CGT)

2.1 Identify profits or gains which are taxable under Capital Gains Tax (CGT)

2.2 Outline the territorial scope of CGT

2.3 Identify the tax rates and basic reliefs available

3. Calculation of Capital Gains

3.1 Identify the 3 factors which must be present before a charge to CGT can arise

3.2 Identify if a disposal is subject to CGT

3.3 Identify other occasions where CGT can arise

3.4 Identify when a disposal for CGT purposes has taken or has deemed to have taken place

3.5 Identify the amounts which will be taken into account in calculating the CGT

3.6 Describe the special treatment given to Development Land

3.7 Calculate the gain made on the disposal of capital asset

4. Shares

4.1 Applying first principles, determine the CGT implications of share transactions

4.2 Describe the legal issues a company must consider before altering its share capital

5. Exemptions and Reliefs

5.1 Identify whether a disposal qualifies for “retirement relief”

5.2 Identify whether a disposal qualifies for “principal private residence” relief

5.3 Identify whether any other miscellaneous exemptions and reliefs apply

5.4 Calculate the taxable value of a gain after exemptions and reliefs are claimed

6. Married Couples, Civil Partners and Cohabitants

6.1 Describe the basis of assessment for CGT for married couples and civil partners

6.2 Describe how CGT applies to transactions between married couples and civil partners

6.3 Describe how CGT applies to transactions between separated or divorced couples and transfers following the dissolution of a civil partnership and ending of a cohabiting arrangement

6.4 Calculate any CGT arising on transactions between married/separated/divorced couples/transfers following the dissolution of a civil partnership

7. Losses

7.1 Describe what relief is available to an individual who makes a capital loss

7.2 Calculate the Capital Loss Relief available

8. Administration of CGT

8.1 Describe the pay-and-file system for CGT

8.2 Identify the key pay-and-file dates for CGT

8.3 Complete a CGT Return

8.4 Outline what interest and penalties can apply where pay-and-file dates are missed

9. Overview of the Charge to Capital Acquisitions Tax (CAT)

9.1 Identify gifts or inheritances which are taxable under Capital Acquisitions Tax (CAT)

9.2 Outline the territorial scope of CAT

9.3 Identify the tax rate and basic reliefs

10. Valuation of Capital Acquisitions

10.1 Identify the amounts which are taken into account in calculating the taxable value

10.2 Compare the value of a gift for CAT purposes to its value for CGT purposes

10.3 Calculate the taxable value of a gift or inheritance

11. Exemptions and Reliefs

11.1 Identify whether a beneficiary qualifies for the “dwelling house” exemption

11.2 Identify whether a beneficiary qualifies for agricultural relief

11.3 Identify whether a beneficiary qualifies for business relief

11.4 Identify whether the beneficiary qualifies for “favourite nephew relief”

11.5 Identify whether any other miscellaneous exemptions and reliefs apply

11.6 Calculate the taxable value of a gain after exemptions and reliefs are claimed

12. CAT: Married Couples, Civil Partners and Cohabitants

12.1 Describe how CAT applies to transactions between married persons and civil partners

12.2 Describe how CAT applies to transactions between separated or divorced persons and transfers following the dissolution of a civil partnership and the ending of a cohabiting relationship

12.3 Calculate any CAT arising on transactions between married/separated/divorced persons and transfers following the dissolution of a civil partnership

12.4 Compare the CAT and CGT treatment of transactions between spouses and civil partners

13. Administration of CAT

13.1 Calculate the CAT due on a gift or inheritance

13.2 Describe the pay-and-file system for CAT

13.3 Identify the key pay-and-file dates for CAT

13.4 Complete a CAT return

13.5 Outline what interest and penalties can apply where pay-and-file dates are missed

14. Succession Law and the Administration of Estates

14.1 Describe the requirement to provide for certain family members, as set out in Succession Law

14.2 Outline the rules of intestacy

14.3 Identify how the administration of an estate can impact on the valuation of inheritances

15. Overview of Stamp Duty

15.1 Identify what gives rise to a charge to Stamp Duty

15.2 Outline the territorial scope of Stamp Duty

16. Calculation of Stamp Duty

16.1 Identify the rates of stamp duty that apply to various transactions

16.2 Identify whether any other miscellaneous exemptions and reliefs apply

17. Administration of Stamp Duty

17.1 Describe how and when Stamp Duty must be paid

17.2 Identify any Stamp Duty forms that must be completed and filed

17.3 Outline what interest and penalties can apply where payment or filing dates are missed

17.4 Outline Revenue’s Power to Seek Information