Tax Appeals Commission determination 156TACD2020 regarding CGT, 2020

Administrative Decision Number156TACD2020
Date15 May 2014
Subject MatterCGT
1. This is an appeal against an assessment to Capital Gains Tax (CGT) in relation to the
tax year of assessment 2017.
2. The amount of tax involved in this appeal is €131,292.
3. The Notice of Appeal was received by the Tax Appeals Commission (TAC) on 13th
July 2018.
4. By agreement between the parties, this appeal is adjudicated without a hearing in
accordance with s.949U of the Taxes Consolidation Act, 1997
Background and Agreed Facts
5. The Appellant’s father, Mr REDACTED died on 23rd November REDACTED. The sole
legatees of the Will were the Appellant and her mother.
6. The Will stated:
“All the net residue and remainder of my estate real and personal wheresoever situate
of which I die seized possession or entitled or which I have power of appointment, I will
demise and bequeath to my wife REDACTED for and during her lifetime and thereafter
to my daughter REDACTED absolutely.
7. Probate of Mr REDACTED Will was granted on 1st June 1995 in which the last Will
and testament of REDACTED was proved and registered in the District Probate
Registry. The administration of all the estate was granted to the executrices, by the
8. The lands at REDACTED, which are the subject of this appeal formed part of the
Estate included in the Appellant’s father’s Will.
9. By indenture dated 20th April 2001 between REDACTED (Wife) and REDACTED
(Daughter) of REDACTED the beneficiaries of the Will of the late REDACTED),
REDACTED surrendered her life interest in the lands at REDACTED to REDACTED
10. A site of 1 acre, forming part of the lands at REDACTED was sold in 2005 and CGT
was calculated and paid. The valuation date used to value the cost of the land was
20th April 2001.
11. A further REDACTED acres of the land at REDACTED, the subject of this appeal, was
sold in October 2017.
12. Apart from the period from the date of death of Mr REDACTED to 1996 the land at
REDACTED has been rented out.
13. On 20th February 2018 REDACTED acting as agent for CGT purposes, wrote to
Revenue regarding the “Potential CGT liability on part disposal of farmland at
REDACTED”. In that letter Mr REDACTED set out details of the Appellant’s
acquisition of the land at REDACTED and other relevant details and requested that
the Revenue “provide advance approval for the proposed CGT farm Retirement Relief

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