Lifetime gift to son 335k

[Roro999]

Are both parents able to gift up to 335k to a son of 40 whilst they are alive ?

 

[rob oyle]

No. Neither when they're gone. It's a total of €335k.

 

[Roro999]

Thanks. Sorry, unclear. Are you saying once only 335k and parent(s) can be alive?

 

[Bill90.]

Thanks. Sorry, unclear. Are you saying once only 335k and parent(s) can be alive?

It's 335k tax free weather you're alive or not.

But it's 335k total and not per parent.

 

[Bobby2013]

yes, thats right.......be sure if you are inheriting.......you must inform revenue if you inherit and the value is the full €335k threshold..... or at least 80% of the €335k .....if it is over €335k CAT is payable on the amount over ......

 

[Brendan Burgess]

All of the CAT thresholds (except the small gift exemption) are per recipient in the recipient's lifetime.

So the first €32,500 received cumulatively from everyone in Group B is exempt. ( Uncle, child, niece etc.)
So if Uncle Bob gifts your €40,000 and Aunt Dahlia subsequently leaves you €20,000 in her will, the entire €20,000 is subject to CAT.

Likewise if you mum gifts you €400k, and your dad subsequently leaves you €100,000 in his will , the full €100,000 is subject to CAT.