When do I need to file and pay Gift or Inheritance Tax (CAT)?

The person receiving the gift or inheritance (the beneficiary) is responsible for paying CAT, not the person giving it.

Who Pays and When

• You must pay 33% tax on the value of the gift or inheritance that exceeds your tax-free threshold, which depends on your relationship to the person giving it.
• If the total value of gifts or inheritances received from one group exceeds 80% of your threshold, you must file a Form IT38.

CAT Pay & File Deadlines (Based on Valuation Date)

The valuation date is when the value of the gift or inheritance is fixed. Your deadline depends on this date:

• Valuation date between 1 January – 31 August:
  File and pay by 31 October of the same year.
• Valuation date between 1 September – 31 December:
  File and pay by 31 October of the following year.

Timely filing and payment are essential to avoid interest or penalties.