Gift Tax & Inheritance Tax

sammalone

Hi guys

Can anyone tell me what are the tax free limits for the above taxes please? Is it that one can gift up to 3K a year to somebody tax free? Can you do this every year and to as many people as you wish and does your relationship to them matter?
Also what are the limits on inheritance for children or siblings?
I tried looking up the revenue website but it wasn't as straight forward as I hoped!

Thanks in advance

Yawns

Seanie would prob be the best person to ask about that.

nompere

Follow the link - the current thresholds are near the top.

http://www.revenue.ie/en/tax/cat/thresholds.html

In theory you can pay as many people as you like €3000 each year.

This bit comes from:

http://www.revenue.ie/en/tax/cat/leaflets/cat1.html

The main exemptions are -

the first €3,000 of all gifts taken by a donee from one disponer in any calendar year.

It's a fairly extreme way of trying to avoid tax, though!