CAT - Administration

Question 1

What are the payment dates for CAT?

Answer 1

1/1/2020 to 31/8/2020 payment and filing date 31/10/2020

1/9/2020 to 31/12/2020 payment and filing date 31/10/2021

Question 2

What is the interest rate for late payment of CAT?

Answer 2

Interest of .0219% per day.

In the case of agricultural or business property, the daily interest rate is reduced to 0.0164% i.e. 75% of the normal rate.

Question 3

What is the surcharge for a late return?

Answer 3

If less than two months late 5% - Max €12,695

Two months or more late 10% - Max €63,485

Question 4

What is the surcharge for Incorrect market value of property returned on your tax return?

Answer 4

% of market value returned Surcharge
< 40% 30%
40% to 50% 20%
50% to 67% 10%

Question 5

Which CAT can be paid in instalments?

Answer 5

The only CAT that can be paid by instalments is if the beneficiary takes:

1. An absolute interest in Land and Buildings or
2. A limited interest in any property.

Along with each instalment interest at 8% per annum must also be paid.

Question 6

What are the specifics of using CGT as a credit against CAT?

Answer 6

Where both CGT/CAT are payable on the same event CGT is allowed as a credit against the CAT.

This relief is clawed back if the asset is sold within two years.

Question 7

What are the intestacy rules of CAT? (e.g. no will)

Answer 7

Spouse no children: spouse takes all

Spouse with children: spouse ⅔, children ⅓

Children no spouse: children take all

No spouse no children: parents take all

No spouse no children no parents: brothers and sisters take all

Question 8

What are the legal rights of a spouse (in relation to a will)?

Answer 8

With Children:⅓
No children: ½
Children have no legal right