Brendan Griffin (Kerry, Fine Gael)
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354.To ask the Minister for Finance for clarification on a financial matter (details supplied); and if there will be changes to inheritance tax going forward.[35246/24]

Jack Chambers (Dublin West, Fianna Fail)
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I am advised by Revenue that they have been in correspondence with the solicitor acting for the individual, as far back as 2009. The individual was aware then that there was an Inheritance Tax liability to be paid to Revenue for this inheritance.

The individual in question has been advised to submit a Capital Acquisitions Tax (“CAT”) Form IT38, in order to quantify the amount of tax owing and to contact Revenue directly to arrange payment of the liability. Revenue advise that a number of payment options are available to customers in order to pay their CAT liability.

In addition, I am further advised that the CAT liability computation as provided by the individual, is incorrect. The current Threshold B value and CAT rates were applied to the inheritance. However, the values at the date of death of the disponer should have been used. In 2004, the Threshold B value was €45,644 and the rate of CAT was 20%, therefore the CAT liability due will be lower than the value stated. It should be noted that statutory interest will apply to the outstanding CAT liability.

It is recommended that the individual or her solicitor should contact Revenue’s National CAT Unit for further assistance and advice by phone at 01 738 3673, Monday to Friday from 09:30am – 1:30pm or via post at:

Revenue Commissioners,Capital Acquisitions Tax Unit,9/15 Upper O’Connell Street,Dublin 1,D01 YT32.