Brendan Griffin
Ceist:144. Deputy Brendan Griffin asked the Minister for Finance if he will review the rate of capital acquisitions tax for persons inheriting properties; and if he will make a statement on the matter. [5702/16]
Amharc ar fhreagraWednesday, 6 April 2016
Ceisteanna (144)
Freagraí scríofa
Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance.
CAT is charged at 33% to the beneficiary on amounts received by gift or inheritance, beyond certain lifetime tax-free amounts determined by the relationship between the beneficiary and the person making the gift or the inheritance. The rate is the same regardless of the nature of the gift or inheritance (i.e. cash or different types of property), although certain reliefs and exemptions can apply, notably for transfers of farms and businesses and of the residential property in which the beneficiary lives, subject to certain conditions.
As with all other areas of tax, the details of CAT, including the rate charged, are kept under review as part of the annual Budget and Finance Bill process.