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inheratance tax question

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  • 13-02-2019 9:26pm
    #1
    spacekiwi
    Registered Users Posts: 225 ✭✭


    Hi..tax man looking for tax off a inheritance from awhile ago..
    It was from my grandfathers sister (gran aunt)
    And tax band b seems to be for someone of lineage or heritage, you dont pay tax on first 30k..
    Tax band c , just seems to be if you are anyone left a sum of money, and you dont pay tax on first 16k, but anything over that is 33 percent tax..
    So would a gran aunt come under tax b??
    It is a blood relative afterall...
    I have rang tax office and the naturally think it is band c..
    Anyone know when lineage or heritage stops according to tax bands?? Thanks.


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    #2
    Happy4all
    Closed Accounts Posts: 2,089 ✭✭✭Happy4all


    spacekiwi wrote: »
    Hi..tax man looking for tax off a inheritance from awhile ago..
    It was from my grandfathers sister (gran aunt)
    And tax band b seems to be for someone of lineage or heritage, you dont pay tax on first 30k..
    Tax band c , just seems to be if you are anyone left a sum of money, and you dont pay tax on first 16k, but anything over that is 33 percent tax..
    So would a gran aunt come under tax b??
    It is a blood relative afterall...
    I have rang tax office and the naturally think it is band c..
    Anyone know when lineage or heritage stops according to tax bands?? Thanks.


    Group B

    Grandparent (lineal ancestor), grandchild (lineal descendent), brother, sister, niece or nephew of the disponer, child of a civil partner of a brother or sister of the disponer


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    #3
    relax carry on
    Registered Users Posts: 4,072 ✭✭✭relax carry on


    spacekiwi wrote: »
    Hi..tax man looking for tax off a inheritance from awhile ago..
    It was from my grandfathers sister (gran aunt)
    And tax band b seems to be for someone of lineage or heritage, you dont pay tax on first 30k..
    Tax band c , just seems to be if you are anyone left a sum of money, and you dont pay tax on first 16k, but anything over that is 33 percent tax..
    So would a gran aunt come under tax b??
    It is a blood relative afterall...
    I have rang tax office and the naturally think it is band c..
    Anyone know when lineage or heritage stops according to tax bands?? Thanks.

    Group A: The person receiving the gift or inheritance is a child of the person giving it. This includes adopted children, step children and some foster children.

    Group B: The person receiving the gift or inheritance has a family relationship with the person giving it. This includes a brother, sister, nephew, niece, grandparent, grandchild, a lineal ancestor or a lineal descendant of the person making the gift.

    Group C: The person receiving the gift or inheritance has a relationship with the person giving it which is not already covered in Group A or B.

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

    You fall into C as a grand nephew.


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    #4
    spacekiwi
    Registered Users Posts: 225 ✭✭spacekiwi


    Ok.thats more clear..
    Thanks for the replys...


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    #5
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    The tax is also calculated using the tax rate and tax free exemption of the date you received it so if it was a few years back the group c threshold was much more generous so that would apply not the current very very low limit.


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    #6
    tax_tutor1
    Registered Users Posts: 109 ✭✭tax_tutor1


    Just to add to Nox001. The threshold tax free amount and tax rate is determined by the date of the benefit. Here that is the date of death as this is an inheritance. The taxable value of the benefit is based on the value at the valuation date which is normally but not always the date the benefit is received. Easy to see why professional advice is recommended for these situation.
    Finally there are tax filing dates and payment dates which if not met leave the taxpayer exposed to 5 to 10% penaltiesof the tax due as well as interest charges for late payment. You might meef to check these out as well.


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