CAT threshold increases

[Brendan Burgess]

Group A to €400k
Group B to €40.000
Group C to €20,000

 

[Johnc12345]

My father passed away last month and we are currently going through probate. When will these new thresholds apply. the date of death or the date of probate when the tax liability is triggered?

 

[Brendan Burgess]

No, they won't apply to you.

 

[Pugmister]

If you previously received a gift of €335k does this mean you can know receive an additional €65k from today tax free?

 

[Zobeda]

I believe yes is the answer as they are accumulative.

 

[T McGibney]

If you previously received a gift of €335k does this mean you can know receive an additional €65k from today tax free?

Absolutely

 

[ClubMan]

Is it actually from today or does the change have to wait on the Finance Bill/Act to take effect?

 

[T McGibney]

Is it actually from today or does the change have to wait on the Finance Bill/Act to take effect?

I haven't checked but this sort of change is usually timed with immediate effect.

 

[ClubMan]

I haven't checked but this sort of change is usually timed with immediate effect.

Thanks. Seems that it does take immediate effect. At least judging by media coverage.

I'm just never sure which budget changes take immediate effect, which take effect later (e.g. start of the next tax year or some other specific date), which depend on the Finance Act, which require new Statutory Instruments (or maybe that's what the Finance Act does?), which depend on Ministerial orders (?), etc.

I'm probably overthinking this though...

 

[T McGibney]

I'm probably overthinking this though...

You're not.

There is also the occasional variable of an innovative measure that is announced subject to eventual EU State Aid legal approval, which cannot be implemented until this approval is received.