What is C.A.T.?
Capital Acquisitions Tax (CAT for short) consists of 2 separate taxes – Inheritance Tax and Gift Tax. Both involve the transfer of ownership of any asset, property or cash from one person to another. Inheritance tax applies when someone receives assets or property (the beneficiary) on the death of the person who has transferred the assets (the disponer) to them. Gift tax applies when someone receives money or any asset from a living person.