Favourite Nephew or Niece Relief You may qualify for Favourite Nephew or Niece relief if you receive a gift or inheritance of business assets. The relief allows the use of the Group A threshold. This is subject to conditions. For the purpose of this relief you are a nephew or niece if you are the child…
What are the conditions for Business Relief? If you inherit or receive a gift of business property, you may qualify for Business Relief. Business Relief reduces the taxable value of the business property which Capital Acquisitions Tax (CAT) is calculated on by 90%. A business is any activity, trade, profession or vocation which generates income or profits…
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…
