Mar 2012 | Finance Act 2012 signed into law 31 March 2012
Finance Act 2012 has now been signed with effect from 31 March 2012. Full details of it as signed can be found on this link.
In the gift/inheritance tax area, changes since the Budget announcements are
- The 'rounding up' of the remaining group thresholds so now the thresholds are
for group 1 eg parents to children €250,000
for group 2 e.g. between siblings €33,500
for group 3 e.g. strangers €16,750
- Indexation that had previously applied has now been abolished so these thresholds are fixed for the foreseeable future.
- The payment date for CAT is shifted back to 31 October in line with the income tax and CGT payment dates, last year it was at 30 September
- The extension of the term 'discretionary trust' to entities such as foundations
- Specific anti avoidance legislation has been introduced for the use of general powers of appointment
- Restriction in the agricultural relief definition of the 'farmer test' for deduction of debts for the family home - only debts for the purchase, improvement or repair of the family home will be deductible.
- There is no longer the requirement for the farmer to remain Irish resident for agricultural relief
- Confirmation that the discretionary trust payment regime remains as per the pre FA 2010 rules i.e. 4 months.
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