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Gift Tax – Exempt thresholds

Gift Tax – Exempt thresholds

CAT – Group thresholds

You do not have to pay tax on a gift or inheritance if its value is below a particular group threshold.

The threshold you use depends on your relationship to the person who gave you the gift or inheritance. You must pay tax on any remaining value above that threshold. There are three group thresholds.

Group A: The person receiving the gift or inheritance is a child of the person giving it. This includes adopted children, step children and some foster children. The current threshold is €310,000.

Group B: The person receiving the gift or inheritance has a family relationship with the person giving it. This includes a brother, sister, nephew, niece, grandparent, grandchild, a lineal ancestor or a lineal descendant of the person making the gift. The current threshold is €32,500.

Group C: The person receiving the gift or inheritance has a relationship with the person giving it which is not already covered in Group A or B. The current threshold is €16,250.

The standard rate of CAT for gifts and inheritances received on or after 6 December 2012 is 33%.

Subject to qualifying conditions

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

 

 

If the valuation date falls between:

  • 1 January and 31 August, you must pay by 31 October of that year
  • 1 September and 31 December, you must pay by 31 October of the following year.
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