NB dates for inheritance and gift tax

NB dates for inheritance and gift tax

Date of gift or inheritance

The date of a gift is normally the date it is received. The date of an inheritance is usually the date of death of the person leaving the inheritance.

These dates determine the Capital Acquisitions Tax (CAT) rates and the group threshold that apply. The person who gives the gift or inheritance is called the disponer.

Valuation date

The valuation date is the date when the value of the property and assets is established.

The valuation date determines when you need to pay. Where the valuation date is:

• between 1 January and 31 August, the deadline for CAT payment is 31 October in that year.
• between 1 September and 31 December, the deadline for CAT payment is 31 October in the following year.

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie