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Lump sum gift

  • 19-01-2012 11:34am
    #1
    The Irish Riddler
    Registered Users, Registered Users 2 Posts: 221 ✭✭


    What is the tax rate and any tax free allowances on a lump sum gift given to a sibling?


Comments

  • #2
    Bobby1984
    Registered Users, Registered Users 2 Posts: 269 ✭✭Bobby1984


    Gift Tax is payable where a gift is made during the life of a person. However there is an exemption of €3,000 per year. There is also a threshold where no tax is payable and it depends on the relationship between the donor (giver) and donee (receiver). The amount of the threshold between siblings from Dec 11 onwards is approx €33,000.

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

    Gifts in excess of this are charged at 30% CAT


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