Know the rules for gifts and bequests
Whether you receive a gift or an inheritance from a late relative, the Revenue Commissioners will come looking for their cut, writes Emma Kennedy
In these difficult economic times, a cash gift or bequest from a relative or friend can be a welcome windfall, but even when a parent is helping out a child, the taxman still gets a look-in.
Capital acquisitions tax (CAT) is the overall name for inheritance and gift tax and is the only tax that applies when a person receives an inheritance.
It was introduced in 1976 and applies to inheritances received since April 1,...
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