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Indexed Thresholds for Capital Acquisitions Tax - 2006
Gift and Inheritance Tax
For the purpose of Gift and Inheritance Tax, the relationship between the person who provided the gift or inheritance (i.e. the Disponer) and the person who received the gift or inheritance (i.e. the beneficiary), determines the maximum tax free threshold - known as the "group threshold". Three Group thresholds were introduced on 1 December 1999 in respect of gifts and inheritances taken between 1 December 1999 and 31 December 2000. The Group thresholds are indexed by reference to the Consumer Price Index and the indexation factor for 2006 (1 January 2005 to 31 December 2005 inclusive) is 1.255. The indexed Group thresholds for 2006 are set out in the table below.
Group..... Relationship to Disponer ..............................Group Threshold A............Son/Daughter...................................................€478,155
B............Parent*/Brother/Sister/ Niece/Nephew/Grandchild....€47,815
C............Relationship other that Group A or B......................€23,908
The threshold is also relevant to any previous gifts you may have recieved from people in that grouping.Just to clarify, if you receive any further gifts from brothers sisters aunts uncles you could go over the 80% rule and the treshold.
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