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Discretionary trusts

Capital Acquisitions Tax Guide: 2022

Denis Herlihy
Bloomsbury Professional
Publication Date:
June 2022
Chapter 6: Anti-Avoidance Income tax Meaning of object and principal object Charge to the 3% / 6% discretionary trust tax Discretionary trust tax – anti avoidance Partial refund Returns Revenue returns in respect of dispositions to discretionary trusts Surcharge for filing of discretionary trust of tax returns A 5% surcharge applies subject to a maximum of €12,695 where the discretionary trust tax return is delivered within two months of the filing date. The surcharge increases to 10% subject to a maximum of €63,485 where the CAT return is delivered over two months after the filing date. Discretionary trust tax returns are due on the specified return date which is defined as the last day of the four-month period after the valuation date. Non-exemption of government securities Agricultural relief 1% annual charge Anti-avoidance: interest in possession Valuations Valuation date, and payment Penalties ...

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