Robert Troy
Ceist:97. Deputy Robert Troy asked the Minister for Finance the reason a person (details supplied) does not qualify for inheritance tax. [35289/16]
Amharc ar fhreagraWednesday, 16 November 2016
Ceisteanna (97)
Freagraí scríofa
It is assumed that this question concerns the eligibility of the person concerned for Favourite Nephew Relief. Favourite Nephew Relief is provided for in the Capital Acquisitions Tax Consolidation Act 2003 (Schedule 2, Part 1, Paragraph 7). This relief applies to a niece or nephew who has worked substantially on a full-time basis for the disponer for the period of five years ending on the date the disponer ceases to have a beneficial interest in the business, including farming. The relief only applies to assets used in connection with the business.
To qualify for the relief, the beneficiary must have worked a minimum number of hours in the disponer's business, i.e.
- 15 hours per week in a small business, i.e. a business carried on exclusively by the disponer, the disponer's spouse or civil partner and the nephew/niece.
- 24 hours per week in a larger business, i.e. where there are other employees.
I am advised by Revenue that a Capital Acquisition Tax Return (IT38) was made on 1 November 2016. No claim to relief was made, either by the person himself or his agent. The "Additional Information" provided by the agent in the case is not sufficient to make a definitive determination on eligibility for Favourite Nephew Relief. If the person concerned or his agent considers that Favourite Nephew Relief applies, the supporting information should be forwarded to Revenue's BMW Region at the CAT Centralised Office, Government Offices, Millennium Centre, Dundalk, Co Louth.