Probate, Administration & Trusts update
29/10/2015 00:00:00The Probate, Administration & Trusts Committee update includes changes to the Capital Acquisitions tax (CAT) threshold and the Marriage Bill.
CAT Threshold
The current Group A tax free threshold, which applies primarily to gifts and inheritances from parents to their children, is being increased.
The increase is from €225,000 to €280,000 and applies in respect of gifts or inheritances received on or after 14 October 2015.
Marriage Bill
The Marriage Bill 2015 has passed both the Dáil and Seanad and is expected to be signed by the President shortly.
Practitioners should particularly note Section 17 of the Bill which amends Section 85 of the Succession Act, 1965. Where civil partners make a will, either in contemplation of or after entrance into civil partnership, and subsequently dissolve their civil partnership by marriage to each other, the will is not revoked.