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Property valuation for gift and inheritance tax Cork

Accurate property valuation is essential when calculating gift or inheritance tax in Cork. Whether you’re receiving a family home as a gift or inheriting property, the taxable value is based on the market value. This valuation determines your Capital Acquisitions Tax (CAT) liability and ensures compliance with Irish tax regulations. At DNG Galvin, we specialise in professional property valuations across County Cork, providing reliable assessments to help you plan for tax obligations effectively.

Property valuation for gift and inheritance tax Cork

Do You Need to Pay Tax When Receiving Property as a Gift or Inheritance?

Receiving a property in Cork or the surrounding areas as a gift or inheritance is a significant event, but it can also come with unexpected financial obligations. Many people in County Cork are surprised to learn that the family home is not automatically exempt from inheritance tax. In some cases, recipients may need to sell the property to cover tax liabilities. Understanding Capital Acquisitions Tax (CAT) and potential exemptions is essential to plan effectively.

What is Capital Acquisitions Tax (CAT)?

Capital Acquisitions Tax (CAT) applies to gifts or inheritances and is calculated based on the taxable value of the property. This value is determined by subtracting:

  • Allowable liabilities, costs, or expenses
  • Any consideration paid, such as money or money’s worth

It’s important to note that only paid costs or liabilities can be deducted from the taxable value.

Inheritance Tax Thresholds

The thresholds for CAT were updated on 2 October 2024, as part of Budget 2025. These thresholds determine how much inheritance or gift value you can receive tax-free:

  1. Group A: Parent-to-child inheritance – threshold raised to €400,000.
  2. Group B: Grandchildren, siblings, nieces, or nephews – threshold increased to €40,000.
  3. Group C: All other relationships – threshold increased to €20,000.

If the property’s value exceeds your relevant threshold, the excess is taxed at a rate of 33%.

Can You Inherit a House Tax-Free?

It is possible to inherit a house without paying CAT if specific conditions are met. These rules apply to properties inherited after 25 December 2016:

  1. Primary Residence:
    • The house must have been the disponer’s main home at the time of their death (unless you are a dependent relative).
    • You must have lived in the house as your main home for at least three years before inheriting it.
  2. No Other Property:
    • At the time of inheritance, you must not own or have an interest in any other property.
  3. Continued Residence:
    • The property must remain your main residence for at least six years after inheritance unless:
      • You are over 65 years old at the time of inheritance.
      • Your job requires you to live elsewhere.
      • You relocate due to a certified mental or physical infirmity.
  4. If you are a dependent relative, you may qualify for a CAT exemption on a gifted dwelling house. Similar rules apply to those for inheritance exemptions, including the requirement to use the house as your primary residence.

Why You Need a Professional Property Valuation

If you’re inheriting or receiving property in Cork, determining the market value is a critical step. A professional valuation helps you accurately calculate your tax liability and ensures compliance with legal requirements.

At DNG Galvin, we provide expert property valuation services tailored to the needs of clients in County Cork, including Cork, Clonakilty, Bandon, Kinsale and across West Cork. Our team has over 40 years of experience delivering accurate, reliable valuations.

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