Small gift exemption

Small gift exemption

There is an exemption for gifts (but not inheritances) of up to
€3,000 taken by a person from any person in a calendar year. Any gifts within this
limit are not taken into account in computing tax and are not included in any future
aggregation. Where a gift exceeds this limit only the excess is to be taken into
account for the purposes of calculating gift tax.

For example:

Tom makes a cash gift of €30,000 to his granddaughter Jane in 2018. Tom has made
no other gifts to Jame in 2018. The taxable value of the gift is €27,000 after the small
gift exemption of €3,000 is deducted.

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