Capital Acquisitions Tax Consolidation Act 2003
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Exemption relating to retirement benefits. [CATA 1976 s59B] |
85.—(1) In this section, “retirement fund”, in relation to an inheritance taken on the death of a disponer, means an approved retirement fund or an approved minimum retirement fund, within the meaning of section 784A or 784C of the Taxes Consolidation Act 1997 , being a fund which is wholly comprised of all or any of the following, that is— | |
(a) property which represents in whole or in part the accrued rights of the disponer, or of a predeceased spouse of the disponer, under an annuity contract or retirement benefits scheme approved by the Commissioners for the purposes of Chapter 1 or Chapter 2 of Part 30 of that Act, | ||
(b) any accumulations of income of such property, or | ||
(c) property which represents in whole or in part those accumulations. | ||
(2) The whole or any part of a retirement fund which is comprised in an inheritance which is taken on the death of a disponer is exempt from tax in relation to that inheritance and the value of that inheritance is not taken into account in computing tax, where— | ||
(a) the disposition under which the inheritance is taken is the will or intestacy of the disponer, and | ||
(b) the successor is a child of the disponer and had attained 21 years of age at the date of that disposition. |