Revenue has published an update to their Tax & Duty Manual which reflects the announcement from the Minister for Finance last week that he intends to provide a capital gains tax exemption for the owners of Single Payment Entitlements.
The exemption will apply where all of those entitlements were leased out in 2013 and where the owners dispose of those entitlements to the lessee before 15 May 2014.
The legal provisions to give effect to the CGT exemption are expected to be included by the Minister in Finance Bill 2014 later this year. Individuals to whom the exemption will apply will not be required to pay capital gains tax on any qualifying disposals that would ordinarily be payable by 15 December 2014.
Revenue's Tax & Duty Manual at Part 19 contains details of the exemption. The announcement from the Minister for Finance is published on the Department of Finance website.
This article first appeared on charteredaccountants.ie.
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