Gift / inheritance tax
Gift or inheritance tax free thresholds
The thresholds are broken down into 3 groups as follows:
Group A: A son or daughter of the person giving the gift or inheritance = €310,000
Group B: A parent, brother, sister, niece, nephew, grandparent, grandchild, lineal ancestor or a lineal descendant of the giving the gift or inheritance = €32,500
Group C: People not already covered in Groups A or B = €16,250
The thresholds are accumulative thresholds from 5th December 1991 are all gifts and inheritance received from that date
Over the relevant threshold, the rate of inheritance or gift tax is 33%
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp,ie