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The Irish gift and inheritance tax free amounts (thresholds) 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/thresholds (calculated on an aggregated basis for each Group/category of persons) have been reduced and are currently:
Previous taxable benefits in the same group must be taken into account when calculating the lifetime tax free amount/threshold.
The current capital acquisition tax trate is 33%.
The tax payable on a gift or inheritance is 33% of the taxable benefit.
Benefits to a spouse or civil partner are generally exempt from capital acquisition tax unless anti-avoidance rules apply.
If you would like to discuss making a will or would like additional information on the tax that arises if yor receive a gift or a legacy please contact us to set up an appointment.
Copyright © Jun 2015
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