Gifts and Inheritance Tax – Big Changes from 14 June

Capital Acquisitions Tax (CAT) is the tax which is levied on gifts and inheritances. The December 2009 Budget announced some major changes to how this tax is administered. These changes come into effect on 14 June next.

Inheritance Tax Changes on 14 June

The main changes are as follows:

  • The annual Pay & File deadline of 31 October, that already applies to Income Tax, will now also extend to CAT on gifts and inheritances. Where a person receives a gift or inheritance between 1 September and 31 August in a given year, they are obliged to file a gift/inheritance tax return (Form IT38) with Revenue, and pay any liability arising, by the following 31 October.
  • The IT38 tax return must be filed online using the Revenue ROS system, except in a very limited range of circumstances, where a new paper form, Form IT38S, can be used.
  • Where a person has received a gift or inheritance since 1 September 2009, their deadline for paying their CAT tax liability and making their Form IT38 tax return is now extended to 31 October 2010 provided they pay & file online on ROS.  The same deadline also applies to gifts and inheritances received between now and 31 August next.
  • Where a person receives a gift or inheritance in the period between 1 September 2009 and 31 August 2010, they must pay the tax and file their return by 31 October 2011.

Revenue have today published a detailed notice explaining the changes.


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