Gift and Inheritance Tax
There are various reliefs and exemptions available and our expert advice should be sought before receiving or inheriting any asset.
If you receive a gift or inheritance you could be liable to Capital Acquisitions Tax or sometimes referred to as “gift tax“. You are obliged to inform the Revenue Commissioners of your gift/inheritence and failure to do so could give rise to penalties.
The tax-free thresholds (after indexation) are as follows:
Group A €335,000
Group B €32,500
Group C €16,250
CAT Filing Dates
- If the valuation date falls between:
- 1 January and 31 August, you must pay by 31 October of that year
- 1 September and 31 December, you must pay by 31 October of the following year
- You can pay your CAT online, with a debit card, or by Electronic Funds Transfer.
- Surcharge
- There is a surcharge for late pay and file of CAT. The surcharge is based on a percentage of the total tax payable for the year the return is late and graded according to the length of the delay. However, there is an overall cap on the level of the surcharge which is calculated as follows:
- 5% surcharge to a maximum of €12,695, if you complete the tax return and pay the tax within 2 months of the pay and file date.
- 10% surcharge up to a maximum of €63,485, if you do not complete the tax return and pay the tax within 2 months of the pay and file date.
Customer reviews
With over two decades of experience, we have tirelessly built a reputation on the reliability, integrity and success of our work.
Taxlink are unique as you can get. They have a great one to one service and they always answer your queries in a fast and professional manner. I find Taxlink when I opened up my limited company. I was clueless, but Taxlink Accountants kindly assisted me in the best way so I felt at ease and understood how the operation works.
A modern and quick way to handle Business Accounts. Simple to set up, good bookkeeping software incl in the cost-effective customer support team.
Real-time support to answer your questions and handles your accounts professionally. Happy customer
Taxlink has an extremely broad spectrum of skills; they really understand the business and can be trusted to come up with credible solutions.
Their breadth of knowledge is outstanding given the size of the company; it is easily on a par with some of the larger practices.
Taxlink has an extremely broad spectrum of skills; they really understand the business and can be trusted to come up with credible solutions.
Their breadth of knowledge is outstanding given the size of the company. It is easily on a par with some of the larger practices.