Inheritance Tax Threshold

[60watt]

How does Group B threshold work ?
Its currently €32,500
If I receive a gift worth €32,500 from my uncle, I don't have to pay gift tax because this is withing the Group B threshold.
If I receive another gift of €32,500 from my brother do I pay gift tax because I have already used my Group B threshold ?
Or can I get €32,500 from my uncle tax free, and another €32,500 from my brother tax free, and another €32,500 from my sister tax free ?

 

[Steven Barrett]

It is a lifetime threshold. So you can receive up to that total in each group. So your uncle can pay you €32,500 and that's it. Anything over that is at 33%.

Of course, you should also look to avail of the annual gift exemption. You uncle gifts you €3,000 of that amount, Leaving €3,000 for your brother to give you through inheritance and another €3,000 as a gift in that year (or he could spread the €32,500 over 10 years or pay you, your wife and 3 kids a total of €15,000 and pay it over 3 years)


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)