If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Gift tax question

murphmm · 2012-09-24 09:17:11

Hi, Do the group thresholds as set out after 07/12/2011 in the Revenue website, i.e. Group B €33,500 refer to annual amounts or are they in a lifetime or what? Thanks

24-09-2012 9:17am

#1
murphmm

Registered Users, Registered Users 2 Posts: 38 ✭

Join Date: February 2011

Posts: 11
Hi, Do the group thresholds as set out after 07/12/2011 in the Revenue website, i.e. Group B €33,500 refer to annual amounts or are they in a lifetime or what?

Thanks

Tagged:

cat thresholds

0

Comments

#2 24-09-2012 11:33am

namenotavailablE

Registered Users, Registered Users 2 Posts: 59,703 ✭✭✭✭

Join Date: April 2009

Posts: 59644

They are lifetime thresholds.

So, for example, if you receive a benefit from a parent today with a taxable value of €100,000, to calculate the tax you'd add the €100,000 value to the value of prior benefits received since December 1991 from your parents (and any other persons for whom a group A relationship applies).
You'd then compare the total of all group A benefits to the lifetime group A threshold and would have a tax liability if the benefits value > threshold value (there's actually a tiny bit more to the calculations so get professional advice in any event).

Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm

0