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Tag: gift tax

NB dates for inheritance and gift tax

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…

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Business relief

Business relief

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%. This is subject to conditions. A business is any activity, trade, profession or vocation which generates income or profits…

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