Gift tax accumulation.

I am aware that an individual can get €3,000 as a gift from any individual in a year and pay no tax.

My question is if I have been receiving the following gifts from an uncle is my accumulated total now €60,000 or €72,000?

2004 €30,000
2005 €3,000
2006 €3,000
2007 €3,000
2008 €3,000
June 2009 €30,000

How much over the threshold of €43,400 am i now? (Old threshold was €52,121)

2004 €30,000 -3,000 = 27,000
2005 €3,000 - 3,000 = 0
2006 €3,000 - 3,000 = 0
2007 €3,000 - 3,000 = 0
2008 €3,000 - 3,000 = 0
June 2009 €30,000 -3,000 = 27,000

Total gifts assessable €54,000 by my calculation Less €43,400 threshold = €10,600 over the threshold according to my inexpert calculations.

mathepac said:

Total gifts assessable €54,000 by my calculation Less €43,400 threshold = €10,600 over the threshold according to my inexpert calculations.

Click to expand...

Inexpert but still correct .

thanks guys,

So someone in the position above could continue to receive a €3000 gift tax free every year (assuming rules do not change) from an aunt or uncle, despite being now over the threshold?

€3000 from the aunt, €3000 from the uncle, and €3000 from the man next door, all tax free. It's not one €3000 gift exemption, but an annual exemption for every single person who gives you a gift.