Dan Neville (Limerick West, Fine Gael)
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Question 141: To ask the Minister for Finance the position regarding a person (details supplied) in County Limerick. [6524/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The details submitted with this question would suggest that the issue relates to Capital Acquisitions Tax (CAT) payable on an inheritance and not Capital Gains Tax.

As the person in question inherited the property from a sister-in-law in 2008 the relevant tax free threshold is €26,060 and any amount in excess of this figure is liable to tax at a rate of 20%.

However, it should be noted that while the CAT is due and payable on the Valuation Date, which is the date on which the market value of the property comprised in the inheritance is established, the Revenue Commissioners allow a period of grace and no interest will be incurred, if the CAT is paid within 4 months of that date. In this regard, the Revenue Commissioners cannot comment on the Valuation Date or the actual liability in this case, as no papers, including the Inheritance Tax return, in relation to her inheritance, have as yet been submitted the taxpayer.

The taxpayer should contact Capital Taxes Section, Limerick Tax District, River House, Charlotte Quay, Limerick for any further assistance in this case.