A new tax Bill to consolidate existing legislation relating to capital acquisitions was published today by the Minister for Finance, Mr Charlie McCreevy.
The Department of Finance said the Capital Acquisitions Tax Consolidation Bill, 2002 would continue "the ongoing modernisation of the tax code".
Capital acquisitions tax relates to money or property acquired through bequests such as gifts or inheritance.
A spokesman for the department said the Bill simplifies the existing legislation relating to capital acquisitions into one Act. This allows for the laws to applied with greater ease, he said.
The Bill brings together all the capital acquisitions tax legislation which is contained in the Capital Acquisitions Tax Act 1976 and in provisions in subsequent Finance Acts amending and extending that Act.
The Bill has 120 sections and 3 Schedules. It runs to 118 pages. It does not change existing legislation.
This Bill is due to be debated in the Dáil in the coming months and it is intended that the legislation will be passed as quickly as possible.