Capital Aquisitions Tax

What is Capital Acquisitions Tax?

Capital Acquisitions Tax comprises Gift Tax, Inheritance Tax and Discretionary Trust Tax. Gift tax is charged on taxable gifts taken (other than on a death) on or after 28 February, 1974 and Inheritance Tax is charged on taxable inheritances taken (on a death) on or after 1 April, 1975. A once-off Inheritance Tax applies to property subject to a discretionary trust on 25 January, 1984, or becoming subject to a discretionary trust on or after that date.

What is the Rates of Tax and Thresholds applicable to Capital Acquisitions Tax?

The current standard rate of tax is 33% in respect of gifts and inheritances taken on or after 6th December 2012.

Current and historic thresholds

If my spouse dies will I be liable to Capital Acquisitions Tax on assets that i inherit? 

No.  There is a spousal exemption from Capital Acquisitions Tax.