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 â€“ 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.