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IE Tax 2024

iCalculator™ IE - Ireland Inheritance Tax Calculator

The Ireland Inheritance Tax Calculator is designed to provide inheritance tax calculations for residents and non-residents who have or will receive inheritance in Ireland. The calculator allows quick inheritance tax calculations so that you can calculate the total inheritance tax due in Ireland in 2024. This calculation provides you with two important pieces of financial information, the first is the amount of tax you owe on inheritance received in Ireland, the second is the net amount of inheritance received after tax.

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Inheritance tax in Ireland, known as Capital Acquisitions Tax (CAT), is a significant consideration for anyone dealing with an inheritance or a substantial gift. This guide provides insights into understanding and managing CAT effectively.

Understanding Capital Acquisitions Tax (CAT)

  • Nature of CAT: CAT is charged on money or property that is gifted or inherited, with the recipient being responsible for the tax. It applies to all property located in Ireland and, in some cases, to property outside Ireland if the donor or recipient is a resident in Ireland for tax purposes.
  • Tax-Free Thresholds: Different tax-free thresholds apply depending on the relationship between the recipient and the donor.

Tips and Advice for Managing Inheritance Tax

  • Annual Gift Exemption: Beneficiaries can receive a sizable tax-free annually sum from any donor. This exemption can significantly reduce inheritance tax burdens.
  • Inheritance of a Home: Inheritance tax can be avoided on a house if certain conditions are met, such as the house being the main residence of the deceased and the inheritor living there for the last three years.
  • Spousal Exemption: All gifts or inheritances from a spouse or civil partner are exempt from CAT in Ireland.
  • Early Planning: Making a will ensures that your wealth is distributed according to your wishes and simplifies the process for beneficiaries.
  • Seek Professional Advice: In complex situations, it's advisable to seek guidance from a tax expert to minimize tax liability and ensure more of your estate goes to your heirs.

Understanding these aspects of CAT and planning accordingly can help in reducing the tax burden on inheritances and gifts, ensuring that beneficiaries receive the maximum possible benefit from their inheritance.

Historical Inheritance Tax in Ireland

We also provide inheritance tax calculators for Ireland for the following years: