Changes to Capital Acquisitions Tax – Finance Act 2010

The Finance Act 2010 introduced a number of changes to the administration of gift and inheritance tax. Historically, a tax return and payment of tax must have been submitted within 4 months of the valuation date of a gift or inheritance.

The valuation date being the date on which:

Broadly speaking, the valuation date for a benefit is essentially the point in time at which the beneficiary becomes beneficially entitled in possession.

The 2010 Finance Act introduced a fixed pay and file date for gift/inheritance tax of 31st October, to align with the Income Tax pay and file deadline. All gifts and inheritances with a valuation date in the 12 month period ending on the previous 31st August will be included in the return (IT38) to be filed by 31st October.

Valuation date 15 March 2011: File IT38 and pay tax by 31 October 2011
Valuation date 14 November 2011: File IT38 and pay tax by 31 October 2012

There is also an introduction of a surcharge for the late filing of a return.

Other changes include;

Current Gift/ Inheritance Tax thresholds:


For further information contact  OSK Tax or visit our tax section.

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