CAT Calc

[Sambuca]

Can anyone tell me if there any bills including the solicitors fee is taken off the total inheritance amount aswell as any threshold applicable to get the final taxable amount?

 

[Ants09]

The new group thresholds that will apply to gifts and inheritances taken on or after 8 April 2009 will be as follows:
The rate of tax on gifts and inheritances taken on or after 8 April 2009 is increased from 22% to 25%.​

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Group Relationship to Disponer Group Threshold from 1 January 2009 to 7 April 2009 Group Threshold from 8 April 2009
A Son/Daughter €542,544 €434,000
B Parent/Brother/ Sister/Niece/ Nephew/Grandchild €54,254 €43,400
C Relationship other than Group A or B €27,127 €21,700​

the amount calculated for cat is the net amount you received

 

[Sambuca]

Thanks for that. But it doesnt really answer my question. If say the monies to be inherited is €700,000 from mother to son. The funeral bill and solictors bill comes to €20,000. is the taxable amount €700,000 - €20,000 - €434,000 = €246000 @ 25%.

A few more Q's while Im at it!

Does the €3k gift exemption apply in inheritances?

Is the valuation date the date of death or the date of probate?

 

[Graham_07]

the amount calculated for cat is the net amount you received

Thanks for that. But it doesnt really answer my question. If say the monies to be inherited is €700,000 from mother to son. The funeral bill and solictors bill comes to €20,000. is the taxable amount €700,000 - €20,000 - €434,000 = €246000 @ 25%.

If that is what you received then yes.

Does the €3k gift exemption apply in inheritances?

No. Gifts are inter vivos ( while alive ) and the Small Gifts Exemption is for gifts, not inheritances.

Is the valuation date the date of death or the date of probate?

It is the date the beneficiary becomes "beneficially entitled in possession" to the benefit. Generally the date of death.