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?
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
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.