Gift Tax

Officer Giggles

hey can anyone one tell me how much money i am allowed to receive as a gift before i have to pay tax, tried asking bertie but couldnt get through to him :P

o yea searched revenue website but they dont seem to have the figures they just explain what it is

Officer Giggles

sorry i did more digging and i found it

http://www.revenue.ie/en/tax/cat/gift-inheritance.html

Quaver

It depends on who the gift is from. From http://www.revenue.ie/en/tax/cat/leaflets/cat1.html

How much of a Gift is Tax Free?

There are three tax-free thresholds. Each threshold depends on the relationship between the person receiving the gift and the person making the gift. The group thresholds for 2008 below apply to the recipient of the gift.
Group A:
€521,208. This applies to a child, a step child, a foster child in certain circumstances and to a grandchild under the age of 18 of the donor whose parent is dead.
Group B:
€52,121. Included in this class are brothers, sisters, nephews and nieces, grandchildren and great grandchildren.
Group C:
€26,060. This applies to a donee who does not come under Group A or B.
These thresholds can be reached either by a single gift or by a series of gifts and inheritances over a period of years. Only prior gifts and inheritances to which the same group threshold applies are aggregated (added together) for the purposes of calculating tax.

Hope this answers your question.