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capital
acquisitions tax Capital Acquisitions Tax (CAT) is a tax payable by a person who benefits from a will or a gift.
The tax is calculated by reference to:
Pre Finance Act 2000:
Post Finance Act 2000: And from 1 December 1999 foreign property is liable to Irish Capital Acquisitions Tax where either the disponer or the beneficiary is resident or ordinarily resident in Ireland at the relevant date i.e. the date of the gift or (in the case of a death) the date of the death. (as a transitional measure a foreign domiciled person was not to be regarded as resident or ordinarily resident in Ireland for CAT purposes before 1 December 2004). The following scale sets out the (reduced) main tax free thresholds for gifts or inheritances arising after 7th December 2011. Once the tax free threshold for a particular beneficiary has been exceeded, tax is payable on the remainder of the benefit at the current rate of 30% (previously 20% then 22% then 25%)
The above list is not exhaustive. In some situations there are other factors, relevant dates and sources of prior gifts, residence factors, and other situations and exceptions all to be taken into account in determining the applicable allowances and the particular tax liability The thresholds applicable to gifts and inheritances up to 2011 can be found at THIS section of the Irish Revenue website Important note: Interest penalties apply in respect of late payment or under paymentof Capital Acquisitions Tax |
anthony
brady, solicitor 95 griffith court, fairview, dublin 3, ireland telephone dublin 836-7929 - fax dublin 836-7991 - prefix from abroad +353 1 email: abrady@probate-ireland.com hours:8.30am to 5.00pm monday to thursday consultations by appointment |
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