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.
