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What is exempt from Inheritance tax or gift tax ?

What is exempt from Inheritance tax or gift tax ?

What is exempt from Inheritance tax or Gift Tax ?

The following benefits are exempt from gift tax or inheritance tax:

  1. Gifts or inheritances from a spouse or civil partner
  2. The first €3,000 of the total value of all gifts received from one person in any calendar year is exempt. This does not apply to inheritances.
  3. Payments for damages or compensation
  4. Benefits used only for the medical expenses of a person who is permanently incapacitated due to physical or mental illness (pdf)
  5. Benefits taken for charitable purposes or received from a charity
  6. Winnings from a lottery, sweep-stake, game, or betting
  7. Retirement benefits and pension and redundancy payments are not usually liable to Gift Tax. If the employee however is a relative of the employer, or the employer is a private company and the employee is deemed to control the company, Revenue may disallow this exemption if they consider the payment excessive.
  8. Reasonable support for the maintenance or education of a child or spouse/civil partner.

Any queries on the above please do not hesitate to contact me on 091 763817 or email me at oliver@taxreturnhelp.ie

 

 

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