2014 gift and inheritance tax free thresholds

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2014 gift and inheritance tax free thresholds

The Irish gift and inheritance tax free amounts have been reduced and the tax rate has been increased in recent years.

Since 6 December 2012 the Irish gift and inheritance tax (known as capital acquisition tax) lifetime tax free amounts (calculated on an aggregated basis for each Group) have been reduced to:

For a Group A beneficiary - child or minor child of a predeceased child and in certain circumstances widowed spouse/civil partner of a deceased child - tax free amount is €225,000;

For a Group B beneficiary – siblings, other grandchildren and other specified descendants - tax free amount is €30,150;

For a Group C beneficiary - all others - tax free amount is €15,075.

The tax payable on a gift or inheritance is 33% of the taxable benefit.

Benefits to a spouse or civil partner are exempt from capital acquisition tax. Previous benefits must be taken into account when calculating the tax free amount.

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Disclaimer

The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.

No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article

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