Valuation date: plain-English guide for Irish probate
The specific date CAT uses to fix the value of an inherited asset; usually the date of the Grant of Probate, but subject to specific rules for different asset types.
What it means, in plain English
The valuation date is the specific date Revenue uses to fix the value of an asset for CAT purposes. It is not always the date of death. It is usually the date of the Grant of Probate, but can be later if the asset is transferred after the Grant issues. The valuation date also sets the clock for the CAT filing deadline.
Valuation date in Irish probate practice
The rules on valuation date are set out in Section 2 of the Capital Acquisitions Tax Consolidation Act 2003. For assets subject to probate, the valuation date is usually the earliest of three events: the date of the Grant of Probate, the date the beneficiary receives the asset, or the date the beneficiary becomes entitled to it in possession. In straightforward estates, that is the date the Grant is issued, not the date of death. This matters for two reasons. First, it fixes the value used for CAT: if the deceased's shares fell 15% between date of death and the Grant, the lower valuation date figure is used. Second, it starts the IT38 filing deadline. For valuation dates between 1 January and 31 August, the IT38 is due on 31 October of the same year. For valuation dates between 1 September and 31 December, it is due on 31 October of the following year. Getting the valuation date wrong is a common source of late-filing surcharges, so it needs to be correctly identified for each beneficiary and each asset.
Worked example
Niamh's father dies in March 2026. The estate includes 500 shares valued at €100 each at date of death (€50,000). By the time the Grant of Probate issues in September 2026, the shares have dropped to €82 each (€41,000). Niamh's valuation date is the date of the Grant, so the €41,000 figure is used in her CAT calculation. Because the valuation date falls in September, her IT38 filing deadline is 31 October 2027, giving her over a year to finalise valuations and pay any CAT owed.
The statutory position
Section 2 of the Capital Acquisitions Tax Consolidation Act 2003 defines the valuation date. Section 46 sets the filing deadlines based on the valuation date month. Revenue publishes detailed guidance on valuation date rules for different asset types, including land, shares, foreign assets, and benefits taken in possession under a trust.
Related terms in this glossary
Related reading
How ProbatePack handles Valuation date
Everything in the Preparation Pack plus the full inheritance-tax layer. CAT calculator for each beneficiary, individual IT38 drafts, Dwelling House Exemption assessment, Section 72 check, Agricultural and Business Relief assessments where applicable, and the Revenue clearance letter. For estates that will cross the Group A threshold.