The Revenue have published Capital Acquisitions Tax Group Thresholds for gifts and inheritances received in 2010.
The Thresholds are adjusted annually in line with inflation. The 2010 Thresholds are as follows:
Group A €414,799. This applies to gifts & inheritances from a parent.
Group B €41,481. This applies to gifts & inheritances received from a brother, sister, aunt or uncle, niece or nephew, grandparent and most other close relatives.
Group C €20,740. This applies to to all gifts & inheritances not covered by Groups A and B.
Re CAT on forestry AG exemption.
A +B own 160a,20 yr old forest. They may need to sell it
to pay other taxes.Forest is valued at€750000,current 90% exemption means 75000 in subject to Gift tax @27%
Would this be correct in current tax yr? Thank you J>J
The sale or disposal of a property should not normally trigger an exposure to C.A.T. or Gift Tax – unless perhaps a clawback of Agricultural or Business relief in the event that assets are disposed of within a set timescale following receipt by gift or inheritance.
There may be a Capital Gains Tax (CGT) liability on the sale. Individuals are normally exempt from CGT on growing timber, but there may be a CGT liability on the value of the land.
Unfortunately I don’t have enough information in relation to this query (e.g. history of the property ownership, detailed past & current valuations etc) to enable me to give you are more specific answer at this point.
My Photo Share, a free application is most suited for anyone who wants to be connected
with his Facebook riends oor any group onn a social media interface,
while on the go. COMMUNICATIONS CIRCUITRY – Ethernet Port, Printer Port, Communications Port (RS232c, RS485,
RS422, IEEE488). Because of the benefits of having an automobile, more and mire people want too own one.
I got this web page from my friend who shared with me
concerning this web page and now this time I am browsing
this web page and reading very informative posts
at this place.
Comments are closed.