New inheritance tax limit of 400K

R

Ronaldo9

Registered User
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Hi all

If probate hasn't been submitted yet and with the new inheritance tax limits coming in, I presume the new limit is in effect i.e. there's a 400K limit in place for a grant of probate being submitted from this day forth? Could someone please clarify?
 
It seems to be in effect from today but I don't know if that means for deaths from today, valuation dates from today, probate applications submitted from today etc...

CAT threshold increases

Group A to €400k Group B to €40.000 Group C to €20,000
www.askaboutmoney.com
 
ClubMan said:
It seems to be in effect from today but I don't know if that means for deaths from today, valuation dates from today, probate applications submitted from today etc...

CAT threshold increases

Group A to €400k Group B to €40.000 Group C to €20,000
www.askaboutmoney.com
Click to expand...

Important dates for CAT

This page explains the important dates for dealing with CAT
www.revenue.ie www.revenue.ie

The date of an inheritance is usually the date of death of the person leaving the inheritance.

These dates determine the Capital Acquisitions Tax (CAT) rates and the group threshold that apply.
Click to expand...
 
Thank you! I wonder can that be open to interpretation? "Usually" - I wonder if that's even if probate hasn't been submitted?
 
Can anyone clarify this (theoretical) set of questions?
(1) I inherit 380,000 from Parent A in March '24 - I pay tax on the 45k (380k-335k) - i.e. 15k. With the increase in the threshold, I presume I don't get a refund?
(2) I inherit a further 20k from Parent B in December '24, a total of 400k - As the 400k is a lifetime limit, do I get a refund of the 15k?
(3) On the same vain if I inherited 65k instead of 20k in December '24, a total of 445k, would it be treated as tax paid?
 
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