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Wills ^& Probate

When is inheritance tax payable?

Inheritance Tax is a self-assessment tax. If you have received a gift or inheritance then you are responsible for paying any Inheritance Tax that is due. All gifts and inheritances taken received on or after December 1991, that come within the same group threshold, are added together to determine the amount of tax payable on the current inheritance.

The current rate of inheritance tax, for gifts or inheritance received on or after the 5 of December, 2012,  is 33%.

If you have received a gift or inheritance which is liable to inheritance tax or where the gift /inheritance that you receive exceeds 80% of your threshold you must file an IT38 return with the Revenue Commissioners and pay any tax due. You should also in the  IT38 set out any previous gifts/inheritance that you received from the same the same threshold after the 2nd of December 1991.

The pay and file date for inheritance tax with the revenue commissioners is the 31 October 2013. If your tax is not paid on this date the Revenue Commissioners are entitled to charge interest.

What Happens if i do not pay my inheritance tax on time?

If you do not pay Inheritance Tax by the pay and file date penalties apply. There is a surcharge for late pay and file of CAT. The surcharge is based on a percentage of the total inheritance tax payable. There is a cap on the level of the surcharge which is calculated as follows:

  • 5% surcharge up to a maximum of €12,695 -if you pay the tax and file the tax return within 2 months of the pay and file date.
  • 10% surcharge up to a maximum of €63,485 -if you do not pay the tax and file the tax return within 2 months of the pay and file date.

If you would like further details about inheritance tax  please contact our office on 061 599033 and we can advice you on the information you require to make a return to the Revenue Commissioners.

The information set out above is to act as a guide and is no substitute for specific advice that you would receive from us about Inheritance Tax.  The law and tax law is always changing and affects each person differently.


tel: 061 599 033 email: visit us: 64 O'Connell Street, Limerick Opening Hours: Monday - Friday 9.00am to 5.30pm. Saturdays by Appointment