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Table of Contents
Capital Acquisitions Tax Consolidation Act 2003 (No. 1)Introductory TextActs Referred toPart 1 Preliminary (ss. 1-3)1. Short title.2. General interpretation.2A. Provisions relating to affected persons3. Meaning of "on a death".Part 2 Gift Tax (ss. 4-8)4. Charge of gift tax.5. Gift deemed to be taken.6. Taxable gift.7. Liability to gift tax in respect of gift taken by joint tenants.8. Disponer in certain connected dispositions.Part 3 Inheritance Tax (ss. 9-25)Chapter 1 General (ss. 9-13)9. Charge of inheritance tax.10. Inheritance deemed to be taken.11. Taxable inheritance.12. Disclaimer.13. Surviving joint tenant deemed to take an inheritance, etc.Chapter 2 Initial levy on discretionary trusts (ss. 14-18)14. Interpretation (Chapter 2).15. Acquisitions by discretionary trusts.16. Application of this Act.17. Exemptions.18. Computation of tax.Chapter 3 Annual levy on discretionary trusts (ss. 19-25)19. Interpretation (Chapter 3).20. Annual acquisitions by discretionary trusts.21. Application of this Act.22. Exemptions.23. Computation of tax.24. Values agreed.25. Penalty.Part 4 Value of Property for Tax (ss. 26-30)26. Market value of property.27. Market value of certain shares in private companies.28. Taxable value of a taxable gift or inheritance.29. Contingencies affecting gifts or inheritances.30. Valuation date for tax purposes.Part 5 Provisions Relating to Gifts and Inheritances (ss. 31-44)31. Distributions from discretionary trusts.32. Dealings with future interests.33. Release of limited interests, etc.34. Settlement of an interest not in possession.35. Enlargement of interests.36. Dispositions involving powers of appointment.37. Cesser of liabilities.38. Disposition enlarging value of property.39. Gift subject to power of revocation.40. Free use of property, free loans, etc.41. When interest in assurance policy becomes interest in possession.42. Provisions to apply where section 98 of Succession Act 1965 has effect.43. Disposition by or to a company.44. Arrangements reducing value of company shares.Part 6 Returns and Assessments (ss. 45-50)45. Accountable persons.45A. Obligation to retain certain records.45AA. Liability of certain persons in respect of non-resident beneficiaries.46. Delivery of returns46A. Expression of doubt.47. Signing of returns, etc.48. Affidavits and accounts.48A. Information about a deceased person's property49. Assessment of tax.50. Computation of tax.Part 7 Payment and Recovery of Tax, Interest and Penalties (ss. 51-65)51. Payment of tax and interest on tax.52. Set-off of gift tax paid in respect of an inheritance.53. Surcharge for undervaluation of property.53A. Surcharge for late returns.54. Payment of tax by instalments.55. Payment of tax on certain assets by instalments.56. Payment of inheritance tax by transfer of securities.57. Overpayment of tax.58. Penalties.59. Postponement, remission and compounding of tax.60. Tax to be a charge.61. Receipts and certificates.62. Certificate relating to registration of title based on possession.63. Recovery of tax and penalties.64. Application of certain income tax provisions in relation to the collection and recovery of capital acquisitions tax, etc.65. Evidence in proceedings for recovery of tax.Part 8 Appeals (ss. 66-68)66. Appeals regarding value of real property.67. Appeals in other cases.67A. Payment of tax following determination of an appeal68. Conditions before appeal may be made.Part 9 Exemptions (ss. 69-88A)69. Exemption of small gifts.70. Exemption for spouses or civil partners (gifts).71. Exemption for spouses or civil partners (inheritances).72. Relief in respect of certain policies of insurance.73. Relief in respect of certain policies of insurance relating to tax payable on gifts.74. Exemption of certain policies of assurance.75. Exemption of specified collective investment undertakings.76. Provisions relating to charities, etc.77. Exemption of heritage property.78. Heritage property of companies.79. Exemption of certain inheritances taken by parents.80. Payments relating to retirement, etc.81. Exemption of certain securities.82. Exemption of certain receipts.83. Exemption where disposition was made by the donee or successor.84. Exemption relating to qualifying expenses of incapacitated persons.85. Exemption relating to retirement benefits.86. Exemption relating to certain dwellings.87. Exemption of certain benefits.88. Exemption of certain transfers from capital acquisitions tax following dissolution of marriage or civil partnership.88A. Certain transfers by qualified cohabitants.Part 10 Reliefs (ss. 89-107)Chapter 1 Agricultural relief (s. 89 and draft s. 89A)89. Provisions relating to agricultural property.89A. Further provisions relating to agricultural property.Chapter 2 Business relief (ss. 90-102)90. Interpretation (Chapter 2).91. Application (Chapter 2)92. Business relief.93. Relevant business property.94. Minimum period of ownership.95. Replacements.96. Succession.97. Successive benefits.98. Value of business.99. Value of certain shares and securities.100. Exclusion of value of excepted assets.101. Withdrawal of relief.102. Avoidance of double relief.Chapter 2A Clawback of agricultural relief or business relief: development land (s. 102A)102A. Agricultural and business property: development land.Chapter 3 Miscellaneous reliefs (ss. 103-107)103. Relief from double aggregation.104. Allowance for capital gains tax on the same event.105. Allowance for prior tax on the same event.106. Arrangements for relief from double taxation.107. Other relief from double taxation.Part 11 Miscellaneous (ss. 108-117)108. Certificates for probate.109. Payment of money standing in names of 2 or more persons.110. Court to provide for payment of tax.111. Liability to tax in respect of certain sales and mortgages.112. References in deeds and wills, etc. to death duties.113. Tax, in relation to certain legislation.114. Delivery, service and evidence of notices and forms, etc.115. Extension of certain Acts.116. Regulations.117. Care and management.Part 12 Repeals, etc. (ss. 118-120)118. Repeals.119. Consequential amendments to other enactments.120. Transitional provisions.Schedule 1 Valuation of Limited InterestsSchedule 1, Part 1 Rules relating to the valuation of limited interests utilising Tables A and B in Parts 2 and 3 of this ScheduleSchedule 1, Part 2Schedule 1, Part 3Schedule 2 Computation of taxSchedule 2, Part 1 PreliminarySchedule 2, Part 2Schedule 3 Consequential Amendments
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 February 2003 - onwards
33. Release of limited interests, etc.
(1) In this section, "event" includes - (a) a death, and (b) the expiration of a specified period.
(2) Where an interest in property, which is limited by the disposition creating it to cease on an event, has come to an end (whether by another disposition, the taking of successive interests into one ownership, or by any means whatever other than the happening of another event on which the interest was limited by the first-mentioned disposition to cease) before the happening of such event, tax is payable under the first-mentioned disposition in all respects as if the event on which the interest was limited to cease under that disposition had happened immediately before the coming to an end of the interest.
(3) Subsection (2) shall not prejudice any charge for tax in respect of any gift or inheritance affecting the same property or any part of it under any disposition other than that first mentioned in subsection (2).