Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I move amendment No. 72:

In page 81, between lines 11 and 12, to insert the following:

“Capital Acquisitions Tax

64. Section 30(2) of the Principal Act is amended by the substitution of “the date on which probate is granted in respect of the deceased person” for “the date of death of the deceased person”.”.

This issue was brought to my attention through one individual case and I want to clarify the law in one sense. As I understand it, with regard to inheritance tax, the threshold which applies is determined by the date of death whereas the valuation of the property concerned in the inheritance is determined by either the date of probate or the date of death. Can I clarify if that is the case? Is there consistency in terms of the law which applies to the date of the relevant threshold and the law that applies to the date of the valuation of the relevant property? Is that the case?