Capital Acquisitions Tax Consolidation Act 2003 section 30

Valuation date for tax purposes

Section 30 sets out the rules for determining the valuation date, i.e. the date on which property taken as a gift or an inheritance is to be valued for capital acquisitions tax purposes.

• For a taxable gift, the valuation date is simply the date of the gift — the date on which the donee becomes beneficially entitled in possession — unless the gift is a disposal of inherited property before the inheritance's own valuation date has arrived.
• For a taxable inheritance, the valuation date is the date of death of the deceased where the inheritance is taken as a donatio mortis causa (a gift made in contemplation of death) or where it arises from the failure to exercise a power of revocation.
• For most other inheritances, the valuation date is the earliest of: the date the personal representative or trustee is entitled to retain the property for the beneficiary, the date the property is actually so retained, or the date it is delivered, paid, or otherwise satisfied to or on behalf of the beneficiary.
• Revenue may determine the valuation date by written notice to the accountable person; this determination may be appealed to the Appeal Commissioners within 30 days.