How much tax should 3 brothers be expected to pay for getting 120,000 split 3 ways?
I've looked up this issue on the revenue website but am slightly confused so would just like to confirm that if I received an inheritance from a parent earlier this year which was less than 80% of the threshold then I dont have to make any sort of return to Revenue in the current year?
There's still a form you need to file.
It's fairly straightforward, I think your ppsn and your parent's ppsn and the amount received, are the main pieces of information needed.
I think I did mine (it was threshold C though) through "my accounts" on the revenue page. I procrastinated forever with it, then it took 2 seconds 😂
If the total you have received in gifts and inheritances exceeds 80% of the relevant group threshold (for parents 335k) you must file an IT38 return. Remember the threshold is a lifetime limit - if you receive an inheritance less than 335k, but that amount brings you over an aggregate amount of 268k (80% of 335k) for that group then you file a return.
If you have not received anything in this group yet, and receive an inheritance that is less than 268k there is no requirement to file an IT38.
