CAT on Inheritance Small GIF Exemption

amen

My daughter (Under 18 )recently received an inheritance which is a cash inheritance

She is in Group C for CAT.

While completing Form IT38S there is a section re Small Gift Exemption. Is she able to deduct the Small Gift Exemption of €3,000 from the inheritance amount before subtracting the relevant threshold i.e.

A: Inheritance €100,000.00
B: Small Gift Exemption €3,000.000
C: Net Taxable Value €97,000.00 (A-

Relevant Threshold €16,250.00
E: Taxable Excess €80,750.00 (C- D)
F: Tax Rate 33%
G: Tax Due €26,647.50 (33% of E)

Note this was in 2019 prior to Oct 31 2019 so the filing is late but she did not physically receive a cheque until 27th Oct 2019.

Any help or suggestions appreciated.

barneystinson

amen wrote: »

My daughter (Under 18 )recently received an inheritance which is a cash inheritance

She is in Group C for CAT.

While completing Form IT38S there is a section re Small Gift Exemption. Is she able to deduct the Small Gift Exemption of €3,000 from the inheritance amount before subtracting the relevant threshold i.e.

A: Inheritance €100,000.00
B: Small Gift Exemption €3,000.000
C: Net Taxable Value €97,000.00 (A-

Relevant Threshold €16,250.00
E: Taxable Excess €80,750.00 (C- D)
F: Tax Rate 33%
G: Tax Due €26,647.50 (33% of E)

Note this was in 2019 prior to Oct 31 2019 so the filing is late but she did not physically receive a cheque until 27th Oct 2019.

Any help or suggestions appreciated.

If it’s a gift, she’s entitled to the exemption. If it’s an inheritance then no.

amen

thank you