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Irish Acquisition Tax!

 

When making a will it’s important to have at least a basic understanding of capital acquisitions tax (“CAT”).
CAT includes both inheritance tax and gift tax. Inheritance tax is a form of tax which applies at the rate of 25% of the value of a benefit received by a beneficiary on the death of someone. In other words, it is a tax on the property and other assets that people receive from you, when you die. Gift tax is a tax payable by the recipient on gifts received (otherwise than on the death of someone) at the rate of 25%. Both inheritance tax and gift tax are payable by the beneficiary.


When it comes to CAT, everyone is allowed to receive a certain amount without being liable to pay tax - but above this figure, they will be required to pay tax on any surplus they receive. There are also a number of other exemptions and reliefs from CAT.


Example of where reliefs can be applied include:


Family Home Relief: Generally speaking the beneficiary of the family home may be exempt from tax if the person has lived there for a period of three years before the inheritance and providing they live there for six years following the inheritance. Another stipulation of the tax relief relates to the ownership of additional property, if the beneficiary owns or jointly owns another property the relief may not be applied. Other conditions relate to the size of the property etc.

Business Relief:
 A relief of 90% may be applied to the inheritance of a business, however this is subject to complicated set of circumstances and it this case it would be advisable to seek the advice of a practicing solicitor in this area.

Agricultural Relief:
 As with the above business relief, an agricultural relief of 90% I is available and may be applied to the inheritance of a farm, however this is subject to complicated set of circumstances and it this case it would be advisable to seek the advice of a practicing solicitor in this area. An example of such conditions include a requirement for the asset to be held for at least 6 years prior to the will makers death.

Favourite Nephew /
Niece: Again a certain set of criteria is required before tax relief can be applier. If certain criteria are met it is possible that the normal tax relief rate applied to a niece/nephew of €47,815 may rise to €478,155.

Giving the importance of estate planning, it is worth while visiting an expert in the area of inheritance tax planning.

 


 

For more detailed information on the topic above and other issues relating to Irish wills, read our Last Will & Testament Kit written by an Irish Solicitor to answer all your questions.

 


 

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