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Gift tax threshold - From Uncle/Aunt to niece/nephew in Law

  • 05-11-2018 5:07pm
    #1
    leinster93
    Registered Users, Registered Users 2 Posts: 323 ✭✭


    Anyone know what the threshold is for Gift tax for an Uncle/Aunt giving a CASH gift to a niece/nephew in-Law (not a direct blood relative).
    I searched the internet but could not get a definitive answer even from the revenue website. I thought it's Group C but maybe someone would be kind enough to clarify?


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    You won't see all relationships mentioned. It's covered in Group C by virtue of the fact that it is not one of those mentioned in either Groups A or B.

    (From Revenue website )
    Group A: The person receiving the gift or inheritance is a child of the person giving it. This includes adopted children, step children and some foster children.

    Group B: The person receiving the gift or inheritance has a family relationship with the person giving it. This includes a brother, sister, nephew, niece, grandparent, grandchild, a lineal ancestor or a lineal descendant of the person making the gift.

    Group C: The person receiving the gift or inheritance has a relationship with the person giving it which is not already covered in Group A or B.

    The €3,000 Small Gifts Exemption would be available which brings it down a bit more.


  • #3
    MartyMcFly84
    Registered Users, Registered Users 2 Posts: 1,326 ✭✭✭MartyMcFly84


    I believe its a 3k gift a year from anyone one person which is not eligible for CAT.

    So you can take a gift from several people in one tax year and first 3k from each each disponer is exempt from CAT.


  • #4
    leinster93
    Registered Users, Registered Users 2 Posts: 323 ✭✭leinster93


    Thanks. So Group C threshold for an in-law and a total stranger is 3k threshold.


  • #5
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    leinster93 wrote: »
    Thanks. So Group C threshold for an in-law and a total stranger is 3k threshold.

    No. The Small Gift Exemption applies to all gifts.

    The Group thresholds are different and apply in addition to the SGE. The amounts are on the Revenue website.


  • #6
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    leinster93 wrote: »
    Thanks. So Group C threshold for an in-law and a total stranger is 3k threshold.

    NO.

    The Group C threshold of €16,250 is what applies to the nephew/niece in law. They are considered a stranger basically.

    If they are getting a gift then you can take €3,000 off that gift under the small gift exemption. Then you take off the threshold ( assuming that the beneficiary has not already used their threshold in that class on other gifts/inheritances ) and then tax the rest.

    E.G. Gift €20,000
    Small Gift Exemption €3,000
    Net Gift €17,000
    Exemption Group C €16,250
    Taxable gift €750
    Tax @ 33% €247.50


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  • #7
    leinster93
    Registered Users, Registered Users 2 Posts: 323 ✭✭leinster93


    Fair play. Thanks all.


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