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Two inheritances

  • 15-05-2021 6:46pm
    #1
    Whitecarstones
    Registered Users, Registered Users 2 Posts: 130 ✭✭


    Hey

    a person gets an inheritance of €7400.00 and it falls into GROUP A (Parent)

    they also get an inheritance of €13,000 and it falls into GROUP C (not related to disposer)

    these inheritances come around the same time.


    The beneficiary gets a GROSS INHERITANCE RECEIPT form to sign to send back to the solicitor.

    In part (C) it says "prior gifts from certain sources since 5th December 1991 maybe taken into account in assessing my liability.

    Besides the two inheritances in question, the beneficiary has not received anything else in the past.

    My question is, does this person need to pay tax? they are aware of the respective thresholds but do revenue combine the two together even if they are in different groups?

    Does the beneficiary need to do anything with revenue or send them anything?
    The inheritance was received by cheque.


    Thank you.
    Tagged:


Comments

  • #2
    DmanDmythDledge
    Registered Users, Registered Users 2 Posts: 890 ✭✭✭DmanDmythDledge


    They only need do a return in respect of the 2nd inheritance - only required because 80% of the threshold has been broken. Prior gifts only needs to be completed for that particular threshold and would not include the amount being declared now. No tax due.


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