Small gift exemption

What is a small gift exemption ?

The first €3,000 of the taxable value of a taxable gift taken in a calendar year is exempt. The beneficiary gets one exemption for each donor. The person who receives gets one exemption for each person who gives a gift.

For example:

You take €3,000 from each of four grandparents and from each parent (€18,000 in total) in a year without any gift

tax charge.

Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie