Capital Acquisitions Tax - Over different periods

Hello,

My question relates to CAT and the allowances if a child has inherited a sum from one parent and what would be his allowance remaining in respect of the other parent..

CAT exemption 1/1/2011 332,084
CAT exemption from 7/12/2011 250,000

Can you tell me if a son received an inheritance of 80K in July 2011 what his remaining entitlement would be from the other parent ie would he be entitled to 250K or would the 80K inherited in previous year reduce this allowance.

Thank you.

does this help
http://www.askaboutmoney.com/showthread.php?t=168229

Thank you, I've read the link and my understanding is as per following example. I'm ignoring the 3K exemption each year. Assuming each inheritance was from a Class A Donor.

Person A received an inheritance of 332,084 in July 2011. No tax liability that year. They then received 6K in July 2012. Tax due 1,800.

Person B received an inheritance of 80K in July 2011. No tax liability that year. They then received 252,084 in July 2012. Add both sums together 332,084. This exceeds current 250K limit by 82,084. Tax due is 24,625.

If this is correct Person A has a distinct advantage. Is this correct.

Yes, they lowering of the thresholds has benefitted those who received the gift/bequest earlier. A bird in the hand etc..