Finance Act 2011
FA Act 2011 reduced the tax-free thresholds. It reduced
- the Group A threshold to €332,084,
- the Group B threshold to €33,208; and the
- the Group C threshold to €16,604.
The filing and payment date in respect of benefits of the period, 1 January to 31 August was amended from 31 October to 30 September. Filing and payment date for benefits taken in the period 1 September to 31 December was moved to 30 September in the following year.
Finance Act 2012
The Group A tax-free threshold was reduced €332,084 (after indexation) to €250,000.
In addition, the Group B and C tax-free thresholds (after indexation) were rounded from €33,204 and €16,602 to €33,500 and €16,750 respectively. The Act abolished the indexation of the tax-free group thresholds. The amendment applied to gifts and inheritances taken on or after 7 December 2011.
The the rate of CAT was increased from 25 per cent to 30 per cent.
Finance Act 2013
The general inheritance tax rate is increased by Finance Act 2013 to 33%. The group thresholds are reduced to €235,000, €33,500 and €16,750. In respect of gifts or inheritances taken after 6 December 2012 claims for overpaid CAT must be made within four years.
Relief for policies to fund CAT payments is extended to so-called capital redemption policies issued by life insurance companies.
The exemption from CAT for approved retirement funds and approved minimum retirement funds is extended to cover vested PRSAs.
Finance Act 2015
The Finance Act 2015 amends the Class A threshold to €280,000. This applies to all gifts and inheritances taken after 14 October 2015.
Finance Acr 2016
The thresholds for CAT are advised upwards to.
Group A €310,000 Euro.
Group B €32,500 Euro.
Group C €16,250 Euro
as from 12 October 2016.
The Finance Act 2018 amends Schedule 2 to the Capital Acquisitions Tax Consolidation Act 2003. That Schedule deals with the computation of gift tax and inheritance tax. The amendment gives effect to the Budget announcement to increase the Group A tax-free threshold from €310,000 to €320,000. This is the group threshold that applies primarily to gifts and inheritances from parents to their children. The increased threshold applies to gifts and inheritances taken on or after 10 October 2018
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