Capital Acquisitions Tax comprises Gift Tax, If you receive a gift or inheritence you could be liable to Capital Acquistions Tax. You are obliged to inform the Revenue Commissioners of your gift/inheritence and failure to do so could give rise to penalties. There are various reliefs and exemptions available and our expert advice should be sought before receiving or inheriting any asset.

The latest tax-free thresholds apply to gifts and inheritances taken on or after 5 December 2012.

The new tax-free thresholds (after indexation) are as follows:

Group A €225,000
Applies where the beneficiary is a child (including adopted child, step-child and certain foster children) or minor child of a deceased child of the disponer. In certain circumstances parents also fall within this threshold where they take an inheritance from a child.

Group B €30,150
Applies where the beneficiary is a brother, sister, niece, nephew or lineal ancestor or lineal descendant of the disponer.

Group C €15,075
Applies in all other cases

CAT Filing Dates
The Finance Act 2012 amended the Pay and File date for CAT from 30 September to 31 October. Therefore all gifts and inheritances with a valuation date in the 12 month period ending on the previous 31 August will be included in the return to be filed by 31 October 2012. This means where the valuation date arises between 1 January 2012 and 31 August 2012, the Pay & File deadline is 31 October 2012. Where the valuation date arises between 1 September 2012 and 31 December 2012, the Pay & File deadline would be 31 October 2013. The date the subject matter of the inheritance can be retained for the benefit of the beneficiary;

  • the date it is actually retained for the benefit of the beneficiary;
  • the date it is transferred or paid over to the beneficiary.
  • Valuation Date will normally be the date of death in the following circumstances:
  • gift made in contemplation of death
  • where a power of revocation has not been exercised;
  • where property passes by survivorship or under a trust.