Gift tax - gift from adult child / gift from sibling

[dubdub123]

HI
Can anyone advise if tax would be payable on a gift from 1) adult child to parent 2) adult to their sibling

Say the gift is for 10K . In either or both of the cases above would tax be payable? I think not but not 100% sure. thanks

 

[Protocol]

Capital Acquisitions Tax (CAT) thresholds, rates and aggregation rules

This page outlines CAT thresholds, rates, and aggregation rules

www.revenue.ie

 

[Brendan Burgess]

1) adult child to parent

Group B​

The Group B threshold applies where you, the beneficiary, on the date of the gift or inheritance are:

• a parent of the disponer, where you take a gift or a [broken link removed]

So the threshold is €32,500
So no tax.

I don't know why there is a qualification on just this one "where you take a gift or a limited interest"

My understanding is that a gift to a parent is Group B.

Brendan

 

[Brendan Burgess]

2) adult to their sibling

Again, Group B

Group B​

The Group B threshold applies where you, the beneficiary, on the date of the gift or inheritance are:

• a brother or sister of the disponer