Gift and inheritance tax (capital acquisitions tax) is dealt with under the self assessment tax system and the obligation is on you to ensure that proper returns are made in time and whatever tax due is paid to the Revenue by the due date.
Tax is due and a capital acquisitions tax (‘CAT’) return must be filed by –
– on or before 31 October, if the valuation date falls between 1 January and 31 August in the same year, or
– on or before 31 October of the following year, if the valuation date falls between 1 September and 31 December in the previous year.
There is a requirement to file a CAT return where the total value of gifts / inheritances received since 5 December 1991 is in excess of 80% of the relevant tax free group threshold.