Inheritance Tax - which bracket?

IsMise

Hi,

I am trying to find out which tax bracket a grandniece would fall in to regarding Inheritance Tax

From the Revenue Website the categories are as follows

GROUP* A: Child; minor child (i.e. under 18) of a deceased child

GROUP* B: Lineal ancestor /descendant (e.g. parents +, grandparent, grandchild); brother/sister; child of brother/sister

GROUP* C: All others (excluding spouses)

From this it would seem that a grandniece would be Class C, but I cannot confirm for sure.

Thank you.

IrishKestrel

IsMise wrote: »

Hi,

I am trying to find out which tax bracket a grandniece would fall in to regarding Inheritance Tax

From the Revenue Website the categories are as follows

GROUP* A: Child; minor child (i.e. under 18) of a deceased child

GROUP* B: Lineal ancestor /descendant (e.g. parents +, grandparent, grandchild); brother/sister; child of brother/sister

GROUP* C: All others (excluding spouses)

From this it would seem that a grandniece would be Class C, but I cannot confirm for sure.

Thank you.

IsMise,

Your assessment is correct. It would be Class C.

The 'fine print' on this is contained in Schedule 2 of the Capital Acquisitions Tax Consolidation Act 2003 (CATCA2003) - light reading if you are trying to cure insomnia.......

Schedule 2 also mentions some unusual circumstances where a 'grandniece' could be treated as a 'grandchild' (Class . Unlikely that this would be of help, though.

Best Regards.

IsMise

OK, thank you for the reply.

newtogame

I am looking for 2 pieces of information please.What category does a daughter in law fit into whose spouse is dead inheriting from parents in law?Secondly can you use the 434k threshold from parent to child more than once.Thanks

maddogcollins

newtogame wrote: »

I am looking for 2 pieces of information please.What category does a daughter in law fit into whose spouse is dead inheriting from parents in law?

On page 9 of the document attached (taken from revenue.ie) you will see that under the heading "Some additional points" a daughter-in-law of the disponer can qualify for the Group A (rather than the Group C) threshold if her husband predeceased the disponer. Other than this i believe it would be Group C. There is an example on the attacehd file also.

newtogame wrote: »

Secondly can you use the 434k threshold from parent to child more than once.

While technically it can be used more than once, it is cummulative. Once all taxable inheritance/gifts surpass the €434,000 mark you will not be gaining anymore relief. Hope that makes sense.

I am also open to correction on the above points. They are just my understanding of it.

newtogame

Her husband didnt pre desease the disponer but it has been put in her mother in laws name for her lifetime and then on to the children.The daughter in law has no children,Thanks