CAT Group 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. Currently is €320,000

In certain circumstances a parent taking an inheritance from a child qualifies for Group A. Where the parent takes full and complete ownership of the benefit Group A applies.

Group B: The person receiving the gift or inheritance has a family relationship with the person giving it. This includes a parent, brother, sister, nephew, niece, grandparent, grandchild, a lineal ancestor or a lineal descendant of the person making the gift. Currently 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. Currently is €16,250

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