What are the types of capital acquisitions tax and applicable rates?

There are four types of capital acquisitions tax:

(a) Inheritance tax. This applies at 33% (since 6 December 2012) to the value of a benefit received on a death, for example, where you receive a property left to you by will.

(b) Gift tax. This applies at 33% (since 6 December 2012) to the value of a benefit received other than on a death, i.e., a lifetime benefit, for example, where you receive a gift of shares.

(c) Once-off discretionary trust tax. This applies at 6% to the value of assets passing into a discretionary trust, i.e., a trust in which the trustees have total discretion as to how the trust property and income is administered.

(d) Annual discretionary trust tax. This applies at 1% to the value of assets held by a discretionary trust each year. The chargeable date is 31 December.