affect of new lower CAT Threshold on historical inheritance

[galleryman]

Can anoyone clarify the position for someone who inherited a house from a parent worth €480,000 in 2007.
Back then that was below the CAT threshold for a Group A (€496,824) so no tax was paid. However now that the new Threshold is only €434,000 does this person now have a tax liability? Should they do anything?
thanks

 

[Graham_07]

The changes in CAT thresholds do not apply retrospectively. However that person has exhausted their Class 1 inheritances so any future inheritance/gift from the same class i.e. a parent would be taxable.