Yesterday, 15th April 2013, the Irish Times carried an interesting article pointing out that Gift + Inheritance Tax (often referred to as CAT tax) thresholds have been reduced to almost one half over the last four years.
For example, in 2009, a child could get a gift or inheritance from a parent of €542,544 without paying any tax. In 2013, they can only get €225,000, after which they start paying tax.
Not only that but the rate of tax has increased from about 20% some years ago to 33% in 2013.
– a legal briefing by Kilkenny Solicitors Holland Condon
