Am I liable for CAT on inheritance from grandparent

[Rini]

Just wondering if anyone knew the rate of Capital Acquisitions Tax on inheritance passed to a grandchild? Is it something like 30% because that seems high? Any info appreciated.

 

[CCOVICH]

There is one rate for everyone-20%.

Whether you have to pay or not depends on the value of all gifts you have received since 1974.

All explained [broken link removed].

 

[ubiquitous]

Whether you have to pay or not depends on the value of all gifts you have received since 1974.

incorrect - the applicable date is sometime in December 1991 if memory serves me correctly.

 

[CCOVICH]

Yes, [broken link removed]

Benefits taken on or after 5th December 2001:

All benefits taken from the same Group Threshold since 5th December 1991 are added together to calculate the tax on the latest benefit.

 

[Taximan]

There are threshold reliefs available to you . As you are receiving from your Grandparent this will fall into threshold B you can receive roughly €47,000 from a grandparent since Dec 1991 cumulatively without incurring CAT. Anything above this figure you will be liable to CAT at 20%.

There is another relief available that if in the unfortunate circumstances that your grandparents child has pre deceased them (your parent) you can step into their shoes so to speak. you will then move into class threshold A giving you the ability to receive aprox €470,000 from them cumulatively since DEC 1991.