A new filing requirement for loans between close relatives, updates regarding agricultural and business relief and a welcome change to the tax treatment of gifts and inheritances within foster care families were the main updates in Finance (No. 2) Act 2023 (“the Act”) to the capital acquisitions tax legislation. Although some changes may, on the face of them, appear minor, they are in fact significant in the context of the operation of agricultural and business relief. This article seeks to explain and examine these changes.
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