Capital Acquisitions Tax (CAT) can arise where an individual receives a gift or inheritance of an asset. The key differential between a gift and inheritance in general is that a gift arises otherwise than on a person’s death. The beneficiary in both situations must consider their exposure to CAT. We specialise in minimising CAT for our clients by:
· Implementing long-term retirement and succession plan as early as possible
· Timing the transfer of assets with low to the next generation in the context of succession planning (e.g. lifetime gift versus by inheritance on death)
· Availing of the “same event credit” for CGT paid against CAT payable on a gift of an asset
· Advising on available CAT reliefs and exemptions such as the Annual Small Gift Exemption, Business Relief, Agricultural Relief and Dwelling House Relief