Capital Acquisitions Tax (known as “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).
There is provision for a tax-free threshold below which no tax is paid, and there are 3 categories of threshold group 1, group 2 and group 3.
Capital Acquisition Tax Thresholds
Seaspray will review all the potential exemptions and reliefs available for each individual client.
These include:
Relief can also be obtained through life assurance arrangements. Section 72 Policy:
A Section 72 insurance is a revenue approved life insurance policy. The proceeds of this policy are tax-free if used to settle an inheritance tax bill. It’s a life assurance policy to cover inheritance tax.
For a more detailed analysis of the rules and regulations of Inheritance tax please contact your tax advisor.
DUBLIN
25 Lower Leeson Street,
Dublin 2, Ireland
Phone: +353 1 70 70 000
Email: paul.mcgowan@seasprayfs.ie
GALWAY
Phone: +353 91 342 512
Email: danny.oleary@seasprayprivate.ie
Email: adele.taylor@seasprayprivate.ie
Email: gordon.gunning@seasprayprivate.ie
Email: irene.ledwith@seasprayprivate.ie
Seaspray Financial Services Ltd trading as Seaspray Private and Seaspray Mortgages is regulated by the Central Bank of Ireland. Seaspray Financial Services Ltd is authorised as an investment business firm under S. 10 of the Investment Intermediaries Act 1995 (as amended). The firm is also registered as an insurance / re-insurance intermediary under the European Communities (insurance Mediation) Regulations 2005 (as amended). The firm is an investment product intermediary holding letters of appointment from investment product producers such as insurance companies and banks. The company’s regulatory number with the Central Bank of Ireland is C165527.
WARNING: IF YOU INVEST IN A PRODUCT YOU MAY LOSE SOME OR ALL OF THE MONEY YOU INVEST.WARNING: IF YOU INVEST IN A STRUCTURED PRODUCT YOU WILL NOT HAVE ACCESS TO YOUR MONEY BEFORE THE PRODUCT MATURES.
WARNING: IF YOU CASH IN A FIXED TERM PRODUCT BEFORE THE MATURITY DATE YOU MAY LOSE SOME OR ALL OF THE MONEY YOU INVEST.
