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…
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…
Exemption for Dwelling House You will not have to pay Capital Acquisitions Tax (CAT) if you inherit a house and you qualify for the Dwelling House Exemption. You will be exempt from CAT on a house you inherit if: The house was the only or main home of the person who died. You lived in the house…
