Inheritance Tax for Grandchildren

B

bmd1001

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Hi, Can anyone in the know out there help me. I am trying to find out which Group grandchildren fall into on the Group Thresholds on the Revenue.ie site if they are inheriting what should have been their deceased parent's (son or daughter of the person bequeathing) share. I have looked this up online and have received two different answers - one says if the grandchildren are under 18 and receiving their deceased parent's share of a will then they fall into Group A as their parent would have, the other says similar but doesn't stipulate that they should be under 18. My nieces are in their early 20's at the moment and my mother is worried about them having to pay tax on anything they inherit from her above the €33,208 threshold for Group B
 
A minor child of a deceased child falls within group A. So, your mother's grandchildren will fall into Group A if they are under 18 and their parents are deceased. Otherwise it's Group B.
 
Thank you smeharq. I suspected as much but i was hoping I was wrong (it seems very unfair as neither of them are in a position to provide for themselves - one is finished college and can only get part time work in a field that doesn't relate to her college course and has to claim jobseekers allowance for the days she doesn't work and the other is still in college - with the present economic climate and job situation god knows when they will be in a position to provide for themselves!)
 
Don't forget she could give each of them a gift of E3,000 each year with no tax implications
 
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