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Tax on inheritance.

  • 31-01-2015 10:57pm
    #1
    byhookorbycrook
    Moderators, Education Moderators, Regional South East Moderators Posts: 12,514 Mod ✭✭✭✭


    Is there a limit a son or daughter can be gifted /inherit over say 5 years?
    Say a child received €150,00 in gifts before the estate was divided, are they liable for tax on that too?


Comments

  • #2
    LashingLady
    Registered Users, Registered Users 2 Posts: 314 ✭✭LashingLady


    byhookorbycrook wrote: »
    Is there a limit a son or daughter can be gifted /inherit over say 5 years?
    Say a child received €150,00 in gifts before the estate was divided, are they liable for tax on that too?

    There's a lifetime threshold that a child can receive from his/her parents, including gifts and inheritance, that is tax free. Thresholds are listed at link below - they have changed over the years so if you think they will be close to the threshold then you might want to enquire with an accountant how they work in practice where gifts are spread over a number of years.

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

    In addition to the thresholds there is also exemption for €3000 received from each and any disponer in each year.


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