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This document is a form to claim business relief for capital acquisitions tax on gifts or inheritances taken on or after 6 December, 2000, including instructions and calculations related to relevant
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How to fill out capital acquisitions tax
How to fill out CAPITAL ACQUISITIONS TAX
01
Gather necessary documentation, including the details of the asset acquired and its value.
02
Determine the date of acquisition, as the tax rate may vary depending on when the asset was acquired.
03
Calculate the tax based on the value of the asset using the relevant tax rate.
04
Complete the appropriate tax forms, ensuring all information is accurate and complete.
05
Submit the forms to the tax authority by the specified deadline.
06
Keep copies of all documents and submissions for your records.
Who needs CAPITAL ACQUISITIONS TAX?
01
Individuals or entities that receive gifts, inheritances, or certain types of capital assets.
02
Beneficiaries of estates or trusts that exceed the tax exemption threshold.
03
Any party involved in transactions that trigger capital acquisitions taxes in their jurisdiction.
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What is the 5 year CAT rule?
An inheritance taken by a parent on the death of a child to whom either parent had made a non-exempt gift in the previous 5 years is exempt from CAT. A gift or inheritance for public or charitable purposes is exempt from CAT.
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How to avoid Irish inheritance tax?
If the parents are married or in a civil partnership, they can pass assets between each other completely tax-free. So inheritance tax doesn't usually bite after the first parent dies — the surviving spouse simply inherits everything without a bill from Revenue.
What does CAT mean in business?
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.
Is CAT the same as inheritance tax?
CAT is a tax on gifts and inheritances. You may receive gifts and inheritances up to a set value over your lifetime before having to pay CAT.
What is the lifetime gift tax exemption for 2025?
The lifetime gift/estate tax exemption is $13.99 million in 2025. The lifetime gift/estate tax exemption is projected to be $7 million in 2026.
What is capital acquisition tax?
CAT is a tax on gifts and inheritances. You may receive gifts and inheritances up to a set value over your lifetime before having to pay CAT. Once due, it is charged at the current rate of 33% (valid from 6 December 2012). For more information on previous rates see CAT thresholds, rates and rules.
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What is CAPITAL ACQUISITIONS TAX?
Capital Acquisitions Tax (CAT) is a tax imposed on the value of property acquired through inheritance or gift.
Who is required to file CAPITAL ACQUISITIONS TAX?
Individuals who receive gifts or inheritances that exceed the tax-free threshold must file Capital Acquisitions Tax.
How to fill out CAPITAL ACQUISITIONS TAX?
To fill out Capital Acquisitions Tax, individuals must complete a tax return form, providing details about the estate or gift, including the relationship to the deceased or donor and the value of the assets.
What is the purpose of CAPITAL ACQUISITIONS TAX?
The purpose of Capital Acquisitions Tax is to generate revenue for the government and to impose a tax on wealth transfers from one generation to another.
What information must be reported on CAPITAL ACQUISITIONS TAX?
The information that must be reported includes the full name and address of the donor or deceased, the recipient's details, a description of the property acquired, its market value, and any exemptions or reliefs claimed.
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