Did you receive a gift or inheritance? Capital Acquisition Tax self assessment time is approaching.
Did you receive a gift or inheritance since 1 September 2014? Have you complied with your CAT pay and file obligations?
If you received a gift or inheritance in the period from 1 September 2014 to 31 August 2015 you will need to check if you have any Irish capital acquisition tax liability or filing obligations.
If you have an Irish CAT liability or an obligation to file a return then the deadline is 31 October 2015. The deadline is extended to 12 November 2015 but only if you satisfy two conditions:
You must file your CAT return online using the Revenue's online filing system ROS; and
You must pay your CAT liability online. There may also be some reliefs available to remove any tax or reduce the tax payable on some gifts and inheritances. Some examples include dwelling house relief, agricultural relief on agricultural property and business relief on relevant business property.
In order to claim a relief you must meet all of the conditions.
Some of the reliefs are given with restrictions on your ability to sell the property or change the use of the property and if you breach the conditions the tax saving is clawed back.
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The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article