Capital Acquisitions Tax

The filing date for returns to Revenue in respect of 2010/2011 is 30th September 2011 – a matter of days away. Gifts and inheritances received during the year ended 31st August 2011 must be declared by 30th September if interest on late payment is to be avoided. Failure to file on time will also result in a surcharge if CAT is payable. It is quite likely that CAT and CGT rates will be increased in the December Budget, so proper planning in relation to capital transactions may save tax. Please contact Sinead Murphy ACA AITI if you have any questions concerning this or other tax

Civil Partnerships and Cohabitants

Reliefs in the form of exemptions from tax for registered civil partners were introduced in the Finance (No 3) Act this year, to take effect from 1st January 2011. The existing favourable tax treatment of spouses has been replicated for registered civil partners. Transfers between cohabitants under a redress order are benefit from tax exemptions.