Your Gift or Inheritance

If you have received, or are planning to receive, a gift or inheritance, we can advise and assist you on the tax implications.

The tax charged on gifts and inheritances is known as Capital Acquisitions Tax (CAT).

We can prepare your Capital Acquisitions Tax Return (Form IT38), advise you on all aspects of it, and calculate and process your CAT liability.

It is often possible to reduce your CAT liability by claiming an appropriate relief or exemption, such as Business Relief, Agricultural Relief or Dwelling House Exemption.

However these valuable concessions are each subject to a range of terms and conditions, and if you breach any of these, you can lose the entire benefit. It is therefore vitally important that you establish whether or not you qualify before making a claim.

On the other hand, if you are planning your will, or considering making a gift, you may also wish to plan the transaction in a manner which leaves your loved ones with the minimum tax liability possible.

The due date for filing your Form IT38 Tax Return, and paying your liability, is 31 October each year.

Your Return must include all gifts and inheritances with a valuation date in the 12 months ending on the previous 31 August.

As experts in Capital Acquisitions Tax we can guarantee you excellent expert advice and assistance in all areas relating to the taxation of your gift or inheritance.

Where, feasible we can help you in advance of receiving your gift or inheritance, to plan and arrange the transaction in the most tax-efficient manner possible.

Once the gift or inheritance becomes a reality, we will methodically and correctly calculate your CAT liability, ensuring at all times that your returns and computations comply fully with tax law and Revenue requirements and will robustly withstand any future Revenue enquiry or audit.

Throughout the process we will assist and advise you in keeping your CAT liability to the minimum.