Inheritance from Uncle/Aunt

Conorpur

In the case of inheritance from aunt or Uncle there is a tax free allowance of 32,000 Euro. My question is this for each Uncle and Aunt? If I inherited two years ago 30,000 from an Uncle and today I inherit another 30,000 Euro from an Aunt would I be liable for Capital gains tax?
I cannot find this information from Revenue website.

phormium

From Revenue site

'CAT is a tax on gifts and inheritances. You may receive gifts and inheritances up to a set value over your lifetime before having to pay CAT. Once due, it is charged at the current rate of 33% (valid from 6 December 2012). For more information on previous rates see CAT Thresholds, Rates and Rules.'

Lifetime threshold pretty much unfortunately, details of how to work out aggregation rules here https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-aggregation-rules.aspx

dogsears

You aggregate gifts from within the same class. Uncles and Aunts are within the same class so in your scenario you'd be treated as having received a total of 60,000, and after deducting the tax free amount of 32,500 you'd pay Capital Acquisitions Tax i.e. Gift tax on the remaining 27,500 out of the second gift. NB The first 3,000 of gifts received each year is tax free (in addition to the tax free threshold) but I left that out of the figures above.

namenotavailablE

May need to confirm the following:

The strict definition for aunt/ uncle is that the recipient of the benefit must be a child of a brother or sister of the disponer. ( Link: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-thresholds.aspx )

So, it seems that if say my Aunt Mary and Uncle Joe gave me a gift of €60,000 (€30,000 from each) and Aunt Mary is a sister of my Dad, her €30,000 qualifies as group B but Uncle Joe's qualifies as Group C (assuming that Uncle Joe isn't a brother of my mother).

dogsears

namenotavailabl wrote: »

May need to confirm the following:

The strict definition for aunt/ uncle is that the recipient of the benefit must be a child of a brother or sister of the disponer. ( Link: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-thresholds.aspx )

So, it seems that if say my Aunt Mary and Uncle Joe gave me a gift of €60,000 (€30,000 from each) and Aunt Mary is a sister of my Dad, her €30,000 qualifies as group B but Uncle Joe's qualifies as Group C (assuming that Uncle Joe isn't a brother of my mother).

Not sure I understand what you're getting at here? How could "Uncle Joe" be your uncle without being the brother of your mother (or father I assume you meant as well)? Are you referring to the husband or wife of the person who actually is your Aunt or Uncle?

Daxve

dogsears wrote: »

You aggregate gifts from within the same class. Uncles and Aunts are within the same class so in your scenario you'd be treated as having received a total of 60,000, and after deducting the tax free amount of 32,500 you'd pay Capital Acquisitions Tax i.e. Gift tax on the remaining 27,500 out of the second gift. NB The first 3,000 of gifts received each year is tax free (in addition to the tax free threshold) but I left that out of the figures above.

The €3,000 small gift exemption only applies to gifts it does not apply to inheritances.

namenotavailablE

dogsears wrote: »

Are you referring to the husband or wife of the person who actually is your Aunt or Uncle?

That's exactly what I'm referring to, yes- the spouse of the person who is a sibling of one of my parents.



We'd traditionally call that person 'aunt' or 'uncle' even though the person wouldn't meet the CAT definition of 'aunt' or 'uncle'.

dogsears

Daxve wrote: »

The €3,000 small gift exemption only applies to gifts it does not apply to inheritances.

Of course. Silly me. I was talking about gifts but the OP quite clearly refers to inheritances.

namenotavailabl wrote: »

That's exactly what I'm referring to, yes- the spouse of the person who is a sibling of one of my parents.



We'd traditionally call that person 'aunt' or 'uncle' even though the person wouldn't meet the CAT definition of 'aunt' or 'uncle'.

I'm not 100% sure but I don't think that's what OP was asking about?