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CGT query

  • 07-08-2014 4:26pm
    #1
    Gerb68
    Registered Users, Registered Users 2 Posts: 266 ✭✭


    I am looking to gauge opinion on CGT for an issue before obtaining further legal advice.

    If a last remaining parent passes away and leaves 120,000(30,000 each) to four children and three of the eldest children want to gift the youngest child each of their share, amounting in total to 90,000. Is this possible to be classed as being within the 3 year time frame for gift splitting i.e. could the full amount be classed as going from parent-to-child and not from parent-to-child-to-child?


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    I presume you mean CAT!

    Gift splitting does not apply to inheritances.

    They could disclaim and their share would go into the residue, if the other sibling is the only one left then they will get it.

    €30k would be covered by the Group B threshold and €3k exemption either way.

    Seek professional advice.


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