You may receive a gift or inheritance of the following:
- works of art
- scientific collections.
These are exempt from Capital Acquisitions Tax (CAT) if the following three conditions are met:
- The item is of national, scientific, historic or artistic interest.
- The item is kept permanently in the State.
- Reasonable facilities for viewing are available to the public.
Heritage exemption also applies to houses and gardens in the State not used for a trade provided that:
- during the three years prior to the date of gift or inheritance, reasonable facilities for viewing are available to the public.
- following the gift or inheritance, reasonable facilities for viewing are available to the public.
Withdrawal of exemption
Heritage exemption will cease to apply if any exempt object:
- is sold within six years of the valuation date and before the death of the beneficiary (except for a private treaty sale to recognised bodies)
- is, other than with permission, moved outside the State or the reasonable viewing facilities referred to previously are withdrawn at any time after the valuation date and before:
- the object is sold
- the beneficiary dies
- the object is again passed on by way of an absolute gift or inheritance to a beneficiary who is not the spouse of the first beneficiary.
In the event of a clawback of the relief you must file a revised return. An amended Form IT38 must be filed to remove the relief you have claimed.