Pat Deering (Carlow-Kilkenny, Fine Gael)
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232. To ask the Minister for Finance if the Revenue Commissioners will recalculate the liability for inheritance tax paid by a person (details supplied) in County Carlow in view of the current capital value of the inheritance in question; and if he will make a statement on the matter. [18707/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that under Section 9 of the Capital Acquisitions Tax Consolidation Act (CATCA) 2003 inheritance tax is charged on the taxable value of the inheritance. Section 28 of the CATCA 2003 states that the taxable value of the inheritance is the market value of the inheritance at the valuation date. Section 30.4 of the CATCA 2003 outlines the basis for establishing the valuation date of an inheritance as the earliest of the following dates:

- The date on which a personal representative is entitled to retain assets for the successor;

- The date when the asset is so retained;

- The date of delivery, payment to the successor.

The Revenue Commissioners have no authority under this legislation to re-calculate inheritance tax that was assessed on the market value applying on the correct valuation date.