The CAT rate increased from 20% to 22% in respect of gifts and inheritances taken on or after 20 November 2008. The rate of CGT on disposals made on or after 14 October 2008 has also increased from 20% to 22%. This rate change should be noted for the purposes of the pending 31 January 2009 CGT payments deadline, when CGT on disposals made between 1 October 2008 and 31 December 2008 falls due for payment.
Our website item last week noting the CAT revised Group Thresholds made reference to a 20% CAT rate. The current prevailing rate is of course 22% and we apologise for the error, which has now been corrected.