IT 38 CAT return requested by Revenue

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creditworthy

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I received an inheritance from my dad 3 years ago which falls under the inheritance thresholds at that time . Revenue have requested I file a return IT38 and register for CAT . I didn't do this at the time as I didn't know it had to be done and was notified when I submitted my health receipts recently that there may be tax outstanding.

I'm just wondering what information they will require ie would I need to get a statement from the solicitor to verify the total amount of my inheritance etc ?
Thank you very much.
 
creditworthy said:
I received an inheritance from my dad 3 years ago which falls under the inheritance thresholds at that time .
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Did the inheritance added to any other previous CAT Group A inheritances come to 80% of the group Group A exemption threshold at the time (80% of €335K)?

Capital Acquisitions Tax (CAT) thresholds, rates and aggregation rules

This page outlines CAT thresholds, rates, and aggregation rules
www.revenue.ie
You must file a Capital Acquisitions Tax (CAT) IT38 Return if the total taxable value of the benefits taken exceeds 80% of the relevant group threshold.
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creditworthy said:
I'm just wondering what information they will require
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You just need to complete the return form and provide the details that they ask for there.

Completing your gift or Inheritance Tax return (IT38)

Filing your return and paying your tax when you receive a gift or inheritance.
www.revenue.ie
 
A quick reckoning might bring the total to around 280k.
Land was valued at that time and I was already gifted a property valued at 80k .
Seems illogical to not allow 100% of the threshold to be inherited without paying tax !
Thank you very much for replying, appreciate it .
 
creditworthy said:
Probably has exceeded the threshold slightly.
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creditworthy said:
A quick reckoning might bring the total to around 280k.
Land was valued at that time and I was already gifted a property valued at 80k .
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So it seems that you received Group A gifts/inheritances of €360K so that's obviously more than 80% of the €335K exemption threshold effective at the time. That's why you were supposed to file a return and are being asked for one now.
 
My total share of the inheritance should be around 280 k so possibly not a huge amount over the 80% of 335k .
Thank you for replies.
 
I'm possibly not getting this straight...80 % of 335 is 268k . The total value of my share of the inheritance is possibly 280/ 290 k so I'm reckoning I'll be liable for the inheritance tax on the difference...
Thanks in advance for any corrections you have for me on this .
 
creditworthy said:
I'm possibly not getting this straight...80 % of 335 is 268k . The total value of my share of the inheritance is possibly 280/ 290 k so I'm reckoning I'll be liable for the inheritance tax on the difference...
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No. You are required to make a return because your cumulative CAT Group A gifts/inheritances come to more than 80% of the applicable exemption threshold of €335K - but because the total amount is still less than the exemption threshold you shouldn't owe any tax and I presume/doubt that any penalties apply for a late return.
 

Good morning ,
I have begun to file the return , I would appreciate clarification about the various dates required :
The date of inheritance - is that the date of death ?
Valuation date - I have that for the land but don`t have the valuation document for the property as it was gifted approximately 25 years ago
What would the date of grant be please ... when probate was granted ?
Thanks , I appreciate the help .
 
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