Form IT38S PDF Details

When it comes to the transfer of wealth through gifts and inheritances, navigating the tax implications is a crucial step that demands precise attention. The IT38 form plays a pivotal role in this process, designed specifically for the self-assessment of gift and inheritance taxes in scenarios where transfers occurred after December 5th, 2001. This form requires detailed information regarding both the disponer—the individual providing the gift or inheritance—and the beneficiary. Critical aspects such as residency status, relationship to the disponer, and the nature and valuation date of the benefit are scrutinized to ensure accurate tax calculation. Additionally, it distinguishes between different types of benefits, including those derived from wills, intestacies, and other means, while also considering if the benefit is a gift or an inheritance. Various sections of the IT38 form address other relevant information that might affect tax liability, including previous gifts, policies intended to cover tax payments, and any part of the tax that the disponer has agreed to pay. The completion of this form requires careful consideration of not only the value of the property involved but also any liabilities, costs, reliefs, or exemptions that might apply. With its comprehensive structure, the IT38 form facilitates a thorough assessment by beneficiaries and their agents, guiding them towards an accurate declaration of tax due based on the value of received benefits, thus laying a clear path through the often complex terrain of gift and inheritance taxation.

QuestionAnswer
Form NameForm IT38S
Form Length4 pages
Fillable?Yes
Fillable fields69
Avg. time to fill out14 min 52 sec
Other namesform it 38, form it38, it38 offline, it38 form

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GIFT/INHERITANCE TAX

SELF-ASSESSMENT RETURN

To be used only for gifts* and inheritances taken on or after 5th December 2001

* Do not use for gifts of foreign property appointed out of discretionary trusts where the trust was created prior to 1/12/1999

PLEASE TYPE IF POSSIBLE OR COMPLETE IN BLOCK CAPITALS

If you need help in completing the return, consult the Guide to completing the Gift/Inheritance Tax Self-Assessment Return (Booklet IT 39)

PART 1

THE DISPONER

PART 2

THE BENEFICIARY

 

 

 

 

1.PPS No.

2.Name Address

-

1. PPS No.

 

2.Name

Address

-

3.

Was the disponer resident or ordinarily resident in the

 

3.

Was the beneficiary resident or ordinarily resident

 

 

 

State at the date of the disposition under which the

 

 

 

in the State at the date of gift/inheritance?()

Yes

No

 

gift/inheritance was taken by the beneficiary? ()

Yes

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

Domicile

 

 

 

4.

Domicile

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.

Relationship to disponer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

Is favourite nephew/niece relief claimed?()

Yes

No

 

 

 

 

7.

Is foster child relief claimed?()

Yes

No

Expression of Doubt - if you are unsure about the tax treatment of any item in this return please tick () this box

and attach a covering letter setting out clearly the point at issue.

PART 3 NATURE OF BENEFIT/RELEVANT DATES

1.

Is the benefit a gift or an inheritance?()

Gift

Inheritance

2.

How (under what disposition) did the benefit arise?()

Will

Intestacy

 

 

 

 

3.

Date of gift/inheritance

 

/

/

 

 

 

 

 

5.

Date of grant (if disposition is will/intestacy)

 

/

/

Survivorship

Deed

Other (specify)______________________

 

 

 

 

4.

Date of disponer’s death (if applicable)

/

/

 

 

 

 

 

 

6.

Valuation date

 

 

/

/

7.

Is the benefit wholly or partly a limited interest?()

Yes

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If yes, state

(a)

gender of any person for whose life the interest is taken ()

 

Male

 

 

 

 

 

 

 

Female

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

the date of birth of any person for whose life the interest is taken

·

·

·

·

·

·

·

·

·

·

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

the duration of any period certain for which the interest is taken

·

·

·

·

·

·

·

·

·

·

·

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

(d)

the age factor or other statutory multiplier

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART 4

OTHER RELEVANT INFORMATION

 

 

 

 

1.

For inheritance tax only - was the inheritance taken on the death of a person other than the disponer?()

 

 

 

 

Yes

 

 

 

 

 

 

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If yes, state (a) that person’s name

 

e

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and (b) date of death

/

/

2.

For gift tax only - did the disponer take any gift within 3 years prior to, or since, the date of gift entered in Part 3 above?()

 

 

Yes

 

 

No

 

3.

Is all or any part of the tax being paid out of the proceeds of a section 72/73 policy? ()

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yes

 

 

No

 

 

If yes,

(a)

enter proceeds of policy ·

· · · · · · · ·

· · · · ·

· · · · ·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

 

 

 

 

 

 

 

£

 

 

 

 

 

(b)

state amount of proceeds being used to pay the tax in this return

·

·

·

·

·

·

·

·

·

·

·

·

·

·

 

·

·

·

·

·

·

·

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£

 

 

 

 

 

(c)

state amount of any excess taken by this beneficiary

· · · · ·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

·

 

·

·

·

·

·

·

·

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4. Is all or any part of the tax being paid by the disponer? ()

Yes

If yes, state amount

 

 

£

 

 

 

 

No

Name and address of the person to whom correspondence should be addressed

Further assistance in completing the return can be obtained by contacting the

CAT INFORMATION SERVICE TEL 1890201104 (LoCall)

or see www.revenue.ie

Agent’s code _ _ _ _ _ _ _ _ _ _ _ _

Agent’s ref. no _ _ _ _ _ _ _ _ _ _ _

Agent’s tel. no. _ _ _ _ _ _ _ _ _ _ _

Edition 2007

Form IT38

PART 5 DETAILS OF BENEFIT

Particulars of the property comprising the gift/inheritance at the valuation date

PANEL A

Agricultural property (include only property to which agricultural relief applies)

(Note: Page 5, Appendix A must also be completed)

Total A

PANEL B

Business property (include only relevant business property and exclude any business assets which qualify for agricultural relief)

(Note: Page 6, Appendix B must also be completed)

Total B

PANEL C

All other property

Market value at valuation date

£

£

£

£

£

Total C

£

PART 6 LIABILITIES, COSTS, CONSIDERATION, ETC.

PANEL A

Liabilities, costs and expenses properly payable out of the benefit

£

Total A

PANEL B

Consideration paid for the benefit

£

£

Total B

£

2

PART 7 TAXABLE VALUE OF BENEFIT

Market value of property on Page 2, Part 5, Total C

Reliefs/exemptions claimed

(other than agricultural/business relief)

(a) Dwelling-house exemption

If yes, state the date of birth of beneficiary

/ /

(b)Heritage property exemption

(c)Other (specify)

________________________________

________________________________

________________________________

Total reliefs/exemptions

COLUMN C

Amount of Relief

£

£

£

 

COLUMN A

 

 

COLUMN B

 

Absolute Interest

 

 

Limited Interest

 

 

 

 

 

A1

£

 

B1

£

A2

£

 

B2

£

Value after reliefs/exemptions

(subtract item A2 from item A1 and/or item B2 from item B1)

Liabilities, costs and expenses

(you may need to apportion Page 2, Part 6, Total A if reliefs or exemptions are being claimed)

Incumbrance free value

(subtract item A4 from item A3 and/or item B4 from item B3)

Value of limited interest

 

.

0

i.e. item B5 x relevant factor

 

 

Consideration

(you may need to apportion Page 2, Part 6, Total B if reliefs or exemptions are being claimed)

Taxable value (Column A:

subtract item A6 from item A5)

(Column B:

subtract item B7 from item B6)

Taxable value of property (add item A7 to item B8)

Taxable value of agricultural property (Page 5, Appendix A, Panel 2, item 9)

Taxable value of business property (Page 6, Appendix B, Panel 2, item 12)

Taxable value of all property (add items 9, 10 and 11)

Deduct small gift exemption (where relevant)

Taxable value of benefit (subtract item 13 from item 12)

A3

£

 

 

 

B3

£

 

 

 

 

 

 

 

A4

£

 

 

 

B4

£

 

 

 

 

 

 

 

A5

£

 

 

 

B5

£

 

 

 

 

 

 

 

 

 

 

 

 

 

B6

£

 

 

 

 

 

 

 

A6

£

 

 

 

B7

£

 

 

 

 

 

 

 

A7

£

 

 

 

B8

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

£

 

 

 

 

10 £

11 £

12 £

13 £

14 £

3

PART 8 SELF-ASSESSMENT OF CAPITAL ACQUISITIONS TAX (INCLUDING INTEREST) PAYABLE

1.

G roup threshold (at date of gift/date of death applicable to the inheritance)

1

£

 

 

2.

Taxable value of aggregable prior benefits (from same group threshold)

 

 

 

 

2

£

 

 

3.

Unused portion of threshold (subtract item 2 from item 1)

 

 

 

 

3

£

 

 

4.

Taxable value of all current benefits within same group threshold

 

 

 

 

4

£

 

 

5.

Taxable excess (subtract item 3 from item 4)· · · · · ·

 

 

 

 

5

£

 

 

6.

Tax on all current benefits -multiply item 5 by:

 

 

6

£

 

 

(a)20% - Benefits taken prior to 20/11/08

(b)22% - Benefits taken between 20/11/08 and 07/04/09

(c)25% - Benefits taken on or after 08/04/09

7.If there is more than one current benefit at 4 above, you must calculate the proportion of tax which relates to the benefit in respect of which this return is being lodged.

Taxable value of the benefit (Page 3, Part 7, item 14)

Proportion

=

£

 

x

 

Tax (item 6 above)

=

 

 

 

 

£

 

7

£

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable value all current benefits (item 4 above)

 

 

 

 

 

 

 

 

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.Credits deductible

Double Taxation

£

 

Capital Gains Tax

 

£

 

 

 

Prior CAT on same event

 

 

 

 

 

 

£

 

 

 

CAT paid in advance

 

 

 

 

 

 

 

 

 

 

£

 

 

 

 

 

 

 

 

Total credits deductible · ·

· · · · · · · · · · · · · ·

 

 

 

. . . . . . . . . . . . . . . . . . .

8

£

 

 

 

 

 

 

9.

. . . . . . . . . . .Net tax payable (subtract total item 8 from item 6 or item 7, as appropriate)

. . . . . .

9

£

 

 

 

 

 

 

 

 

 

 

 

 

10.

Are you paying by statutory instalments? ()

 

 

 

 

 

Yes

No

 

 

 

 

 

 

 

 

 

 

 

 

(i)

Tax on property payable by instalments ·

·

·

·

·

·

 

 

 

 

 

 

 

£

 

 

 

 

 

(ii)

Instalment amount now being paid · · ·

·

·

·

·

·

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£

 

 

 

 

 

(iii)

Tax on property not payable by instalments ·

·

·

·

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£

 

 

 

 

 

(iv)

Total tax now payable (add item 10(ii) to item 10(iii))

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.

. . . . . . .

. . . . . . . . . . . . .

. . . . . .

10

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.Interest on unpaid tax

(interest must be included if the tax is not paid within 4 months of the valuation date)

Daily interest rates can be found on www.revenue.ie

11 £

 

12. Tax and interest now being paid

 

(add items 9 and 11 or items 10 and 11, as appropriate)

12 £

 

This return may be filed and the tax paid electronically using the Revenue Online Service www.revenue.ie

Send return and payment to The Disponers Regional Office see www.revenue.ie or Tel 1890 201104 (LoCall)

Cheques should be crossed and made payable to the Revenue Commissioners

If inheritance tax is being paid by tender of Government Stock, attach form IT40.

Form IT43 may be used to assist in calculation of Double Taxation Credit.

PART 9 DECLARATION

I/We declare that the information given is true and complete and that the return is in accordance with the provisions of the Capital Acquisitions Tax Consolidation Act, 2003.

Signed

Capacity

(agent/beneficiary/trustee, etc.)

Date

RETURNS MAY BE SUBJECT TO AUDIT. PENALTIES MAY BE IMPOSED FOR INCORRECT RETURNS.

4

APPENDIX A AGRICULTURAL RELIEF CALCULATION

PANEL 1

FARMER PERCENTAGE TEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Market value at valuation date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beneficiary’s assets (excluding property comprised in this gift/inheritance)

·

·

·

·

·

·

A

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property comprising gift/inheritance

·

·

· · · · · · · · · · · · · · · · ·

·

·

·

·

·

·

B

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total · · · · · · · · · · · · · · ·

·

·

· · · · · · · · · · · · · · · · ·

· · · · · ·

C

£

 

 

 

 

 

 

 

 

*Include an interest in expectancy and certain property subject to a discretionary trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FORMULA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X 100 =

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

 

 

 

 

 

 

 

+

 

F

 

 

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PANEL 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Market value at valuation date

Non-Agricultural property

D £

E£

F £

Note:

Agricultural

relief will only

%apply if

agricultural

assets exceed

80%

COMPUTATION OF TAXABLE VALUE OF AGRICULTURAL PROPERTY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLUMN A

 

 

COLUMN B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABSOLUTE INTEREST

 

 

LIMITED INTEREST

Market value (from Page 2, Part 5, Total A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1

£

 

 

 

 

 

 

B1

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural reduction (90% of A1 and/or B1)

 

 

 

 

 

A2

£

 

 

 

 

 

 

B2

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural value (subtract A2 from A1 and/or B2 from B1)

 

 

 

 

 

A3

£

 

 

 

 

 

 

B3

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Relevant proportion of liabilities, costs and expenses (see Panel 3A(i) below)

 

 

 

 

 

A4

£

 

 

 

 

 

 

B4

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incumbrance-free value (subtract A4 from A3 and/or B4 from B3)

 

 

 

 

 

A5

£

 

 

 

 

 

 

B5

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of limited interest i.e. B5 x relevant factor

0

.

 

 

 

 

 

 

 

 

 

 

 

 

 

B6

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appropriate deduction for consideration (see Panel 3A (ii) below)

 

 

 

 

 

A6

£

 

 

 

 

 

 

B7

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable value

(A)

Subtract A6 from A5 (enter at A7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A7

£

 

 

 

 

 

 

B8

£

 

 

 

(B)

Subtract B7 from B6 (enter at B8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable value (A7 + B8)

 

 

 

 

 

 

 

 

 

 

 

 

 

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Enter this figure in Page 3, Part 7, item 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PANEL 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPORTIONMENT OF LIABILITIES/CONSIDERATION

Formula: Agricultural Property

A a. *Market value agricultural property

x c. Total liabilities etc. and/or d. Total consideration

b.*Market value of benefit

 

a.

 

 

Liabilities etc.

Allowable proportion of liabilities, costs, etc.

 

£

 

(i)

 

 

x c.

 

x 10% =

£

 

 

 

 

 

 

 

 

 

 

 

b£

 

a.

 

 

 

Consideration

Allowable proportion of consideration

(ii)

£

 

 

 

 

x d.

£

 

x 10% =

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b£

Bring this figure to item A4 or B4, Panel 2 above, as appropriate

Bring this figure to item A6 or B7, Panel 2 above, as appropriate

Formula: All other property

B e. *Market value of all other property

x g. Total liabilities etc. and/or h. Total consideration

f.*Market value of benefit

 

e.

 

 

 

Liabilities etc.

Allowable proportion of liabilities, costs, etc.

(iii)

£

 

 

 

 

x g.

£

 

=

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f.£

 

e.

 

 

 

 

 

Consideration

 

Allowable proportion of consideration

(iv)

£

 

 

 

 

 

 

 

 

 

x

h.

£

 

=

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f.£

Bring this figure to Page 3, Part 7, item A4 or B4, as appropriate

Bring this figure to Page 3, Part 7, item A6 or B7, as appropriate

* See Guide to completing the Gift/Inheritance Tax Self-Assessment Return regarding treatment of secured liabilities and liabilities referable to particular assets only

5

APPENDIX B BUSINESS RELIEF CALCULATION

PANEL 1

DETAILS OF THE BUSINESS

(i) Name and location of business

Description of the business

(ii)Is the relevant business property: Tick () appropriate box and insert in column A or B, below, as appropriate, the values attributable to that property prior to the relief.

a business or an interest in a business, i.e. of a sole trader or of a partnership?

unquoted shares or securities of a company carrying on a business?

land, buildings, plant and machinery owned by the disponer but used wholly or mainly for the purposes of a business carried on by a company controlled by the disponer or by a partnership of which the disponer was a partner?

quoted shares or securities (previously unquoted) of a company carrying on a business?

(iii)Where the relevant business property consists of unquoted/quoted shares or securities please indicate whether the beneficiary on the valuation date and after taking the gift or inheritance: Tick () appropriate box.

controlled more than 25% of the voting rights relating to all questions affecting the company as a whole; or

controlled the company within the meaning of section 27 of the Capital Acquisitions Tax Consolidation Act, 2003; or

owned 10% or more of the aggregate nominal value of all the issued shares and securities of the company and had worked full-time in a management or technical capacity in the company (or in the case of a group, for any company or companies in the group) throughout the period of 5 years ending on the date of the gift or inheritance.

PANEL 2

COMPUTATION OF TAXABLE VALUE OF BUSINESS PROPERTY

COLUMN A

COLUMN B

ABSOLUTE INTEREST

LIMITED INTEREST

Market value of relevant business property (Page 2, Part 5, Panel B)

Liabilities and consideration

Taxable value (subtract A2 from A1 and/or B2 from B1)

Value attributable to excepted assets

Value of the relevant business property attributable to non-excepted assets and excluding property qualifying for agricultural relief (subtract A4 from A3 and/or B4 from B3)

A1 £

A2 £

A3 £

A4 £

A5 £

B1 £

B2 £

B3 £

B4 £

B5 £

Value of limited interest in excepted assets i.e. B4 x relevant

factor

0

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B4(i)

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of limited interest in assets not eligible for relief i.e. B6 x relevant

factor

0

.

 

 

 

If any part of the value at A5 and/or B5 is not

A6

£

 

B6

£

eligible for relief under the replacement property or successive benefits rules enter the value not eligible

B6(i) £

Value of the relevant business property on which relief will be granted (subtract A6 from A5 and/or B6 from B5)

Value of limited interest i.e. B7 x relevant factor

Amount of relief (90% of A7 and/or B8, as appropriate)

Taxable value attributable to qualifying relevant business property after relief (subtract A8 from A7, and/or B9 from B8, as appropriate)

A7 £

0 .

A8 £

A9 £

B7 £

B8 £

B9 £

B10 £

Taxable value attributable to all relevant

A10

£

 

 

 

B11

£

 

business property (including excepted assets

 

 

 

 

 

 

 

 

and assets not eligible for relief)

 

 

 

 

 

 

 

 

Column A: A4 + A6 + A9 Column B: B4(i) + B6(i) + B10

 

 

 

 

 

 

 

 

 

 

12

£

 

 

 

 

 

 

 

 

 

 

 

 

Taxable value (A10 + B11)

 

 

(Enter this figure in Page 3, Part 7, item 11)

 

 

 

 

 

 

 

 

 

6

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it38 offline writing process explained (portion 1)

2. Just after finishing the last part, go on to the next stage and enter the essential details in these fields - How under what disposition did, Intestacy, Survivorship, Deed, Other specify, Date of giftinheritance, Date of grant if disposition is, Date of disponers death if, Valuation date, Is the benefit wholly or partly a, Yes, If yes state, a gender of any person for whose, Male, and Female.

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3. This next step is related to Name and address of the person to, Agents code, Agents ref no, Agents tel no, Edition, and Form IT - complete all of these blanks.

Form IT, Agents tel no, and Name and address of the person to in it38 offline

4. To go ahead, the following part will require filling out a few empty form fields. These comprise of Agricultural property include only, Note Page Appendix A must also be, PANEL B, Business property include only, Note Page Appendix B must also be, Total A, PANEL C, All other property, and Total B, which are essential to moving forward with this particular process.

How one can complete it38 offline portion 4

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5. While you reach the end of your file, you'll find just a few more things to do. Particularly, PART, LIABILITIES COSTS CONSIDERATION ETC, PANEL A, Liabilities costs and expenses, PANEL B, Consideration paid for the benefit, Total C, Total A, and Total B must all be filled out.

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