Inheritance Tax Question

[Slash]

If a man leaves €300K to his own brother, the Inheritance Tax is calculated as:

300,000 minus the Group B Threshold of 41,481 = 258,519 by 25% = 64,629.75.

Is that correct?

Thanks.

 

[callybags]

As far as I know, the first €3000 is exempt.

Also, any previous gifts received from the same category of person will be taken into account. That is, the threshold can only be used once.

 

[Gervan]

The €3000 is a gift exemption, not for inheritances.
The threshold includes all Group B gifts and inheritances received since 01/12/1999 only.
Basically your calculation is correct if the inheritance is in the form of money, and the brother's death is since 01/01/2010.
If the inheritance consists of shares in a company, property etc. there could be reliefs available.