Capital acquisitions tax is commonly called Inheritance Tax. It is a self-assessment tax, payable by the beneficiary on any gift or inheritance, received by the beneficiary from an Irish resident or ordinarily resident disponer or in other circumstances where the beneficiary is Irish resident or ordinarily resident. If the disponer and the beneficiary are both non-resident and not ordinarily resident CAT will be payable on Irish situate assets.
The current rate is 33%.
Group (a): A child (including foster child) of a deceased €310,000
Group (b): A parent, sibling, niece, nephew, grandparent,
grandchild, lineal ancestor or lineal descendant of the deceased €32,500
Group (c): Anyone else not covered in Groups (a) and (b) €16,250
Where the valuation date (usually the date of the Grant of Probate, but not always) falls between 1st September and 31st December, the pay and file deadline is 31st October of the following year.
All receipts of gifts or inheritance within a specified group from the 5th December 1991 to date are aggregated when calculating any tax due.