Benjamin Franklin once wrote ”The only things certain in life are death and taxes” and inheritance tax brings this into sharp focus, i.e. a tax payable on death!
Inheritance tax comes under the heading of Capital Acquisitions Tax (CAT) and this comprises two separate taxes — a Gift Tax payable on lifetime gifts and an Inheritance Tax payable on inheritances received after a death.
Inheritance Tax key facts
- €400,000,000 CAT was paid in 2015
- CAT rates have increased from 20% to 33% since 2008
- The tax free thresholds for children have decreased from €542,000 to €310,000 since 2008
Whereas there are some reliefs and exemptions, including agricultural/business assets and gifts/inheritances between spouses or civil partners are totally exempt, all other assets are liable.
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