GIFT INHERITANCE TAX GUIDE

 

Portion of taxable value of benefits% (From 08/04/09)% (From 07/12/11) % (From 07/12/12)
The threshold amountNilNilNil
The balance253033
Notes
1.The rates of inheritance tax and gift tax are applied by reference to the aggregate of all taxable inheritances and taxable gifts taken after 5th December 1991 by the beneficiary being taxed. Inheritances or gifts taken before 5th December 1991 are not aggregated in relation to inheritances or gifts taken on or after that date.
2.Tax rates were considerably higher for benefits taken prior to 1st December 1999 and differed between gifts and inheritances.
3.For the purpose of Gift and Inheritance Tax, the relationship between the person who provided the gift or inheritance (i.e. the Disponer) and the person who received the gift or inheritance (i.e. the beneficiary), determines the maximum tax free threshold – known as the “group threshold”.
4.For the new indexed threshold amounts, see table below.
Relationship to donor
 Gift or inheritance in
From 08/12/10 (€)From 01/01/11 (€)From 07/12/11 (€)From 07/12/12 (€)
Son/Daughter332,084332,084250,000225,000
Parent*/Brother/Sister/Niece/Nephew/

Grandchild

33,20833,20833,50015,075
Any other person16,60416,60416,75015,075
* In certain circumstances a parent taking an inheritance from a child
can qualify for the Group A threshold.
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