Very general basic query on inheritance

tuisginideach

I can't work out from all the 'legalese' what the basic rules are re inheritance:

The Group A tax free threshold in 2021 is  €335,000 . Can I inherit €670K tax free in total i.e. 335K from each of my parents?

The Group B tax-free threshold in 2021 is €32,500. Can I inherit, for example, €97.5K tax free left to me by (i) a sister and (ii) an uncle and (iii) a grandparent.

Same query applies in case of Group C.

And if I inherit €335K from a parent, and I subsequently inherit €32.5K from an uncle, do I have to pay CAT/Inheritance tax/Gift Tax on that €32.5K?

PS - I'm not in the running for any of these but just curious!

Victor

You can receive gifts or inheritances in each of the groups up to the total for that group (the current total, the amounts may change from time to time). That's €335,000 from your parents combined, €32,500 from all your extended family put together and €16,250 from everyone else put together. There are no transfers between categories. There may be some very narrow cases like adopted / foster children.

There is an annual exemption of €3,000. So gift your children €3,000 each year.

https://www.revenue.ie/en/gains-gifts-and-inheritance/gift-and-inheritance-tax-cat/index.aspx

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-groups-and-group-thresholds.aspx

tuisginideach

Thank you very much - that is now 100% clarified