Cat to siblings

Palerider

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Am I correct in saying that the lifetime untaxed gift to another sibling is around €32k, that is a total of €32k odd that can be received from all siblings to the same sibling over a lifetime and not €32k per sibling ?

I have found various diverging views on this, my own being that if three siblings wish to gift inherited land valued at €50k per sibling ( total €150k ) from an inheritance to another sibling then cat payable would be €150k less annual exemption €3k less lifetime class B exemption of €32k odd leaving €115k taxed at 33%, I understand costs can be offset also but on a high level doesn't that sound right.
 
It's 3k per sibling, so in this case the first 9k would be exempt. And yes, it's 32k received from any/all siblings or aunts, uncles, grandparents, etc.

Was there anything else inherited, apart from the land?
 
As red onion said If each of you siblings didn’t receive anything from any siblings aunts uncles etc then each would have a threshold of 32..

Each is looked at individually and each would be required to file a cat return and pay the tax. If you pay the tax that’s another gift ..

Gift 50
Less threshold 32
Less small gift 3

Taxable 15

Tax at 33% say 5k
 
Thanks for replies, I see differences in the replies, this is as I see it.

It is a total of €32k odd allowable over a lifetime as gifts from all siblings to another sibling rather than €32k per sibling less the €3k annual exemption per sibling. the query is as yet not specific but I'd like to be sure.
 
It is a lifetime limit that is currently €32,500 for Group B- A parent, brother, sister, niece, nephew, grandparent, grandchild, lineal ancestor or a lineal descendant of the disponer. The €3,000 is an annual limit that can be gifted to anyone

[broken link removed]
 
Thanks for replies, I see differences in the replies, this is as I see it.
We answered 2 different questions. I might have read your question wrong.

Are you asking about the 4th sibling receiving a gift from 3 other siblings?

Or the inheritance tax of each sibling?
 
[QUOTE="RedOnion, post

Are you asking about the 4th sibling receiving a gift from 3 other siblings?

Or the inheritance tax of each sibling?[/QUOTE]

Yes, Let me clarify, firstly, a tangible gift of lands with a value of around €50k from each of the 3 siblings to the 4th sibling, total gift of €150k.

Assume no previous gifts to the 4th sibling.

Cat for 4th sibling = €150k- €9k ( annual exemption of €3k per sibling) - lifetime limit of one amount of €32500 = €108500 and cat due on this payable at 33% by the 4th sibling.

No tax liability for the other 3 siblings.
 
Hello ..

Sorry I completely misunderstood your question.. the analysis you have set out above is correct..
 
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