Capital Acquisition Tax (CAT) Deadline

You should also note that 31st October 2014 marks the deadline for filing a return of any gifts or inheritances which you may have received between 1st September 2013 and 31st August 2014 (note CAT does not fall within a calendar year).

The relevant form is an IT38, Revenue will issue an IT38 to individuals who it understands may have a requirement to pay and file a CAT return in a tax year. However, the obligation to pay and file a return rests with the taxpayer whether or not a notification to file is received.

There is no “extension” period beyond 31st October 2014 and any return filed after this date will face the same penalties for late filing as applies to the Income Tax Form 11.

The IT38 need only be filed if the total gifts or inheritances you have received since 1991 exceed 80% of your lifetime threshold. Therefore while you may not have a CAT liability, you may have a CAT reporting obligation.

A reporting threshold of €180,000 applies for parents; for uncles, aunts, brothers and sisters the amount is €24,120; and for gifts or inheritances from other persons the amount is €12,060.

The above is the basics, click here to access Revenue’s guidance notes to completing the IT38.

Contact Roisin McDaid, OSK Tax for more. OSK Tax Consultants provide tax planning advice including capital acquisition tax, personal tax and stamp duty saving you money.

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