Re: Money Loan or Moeny Gift from Parent to children
hi the exact figure is €466,725 for 2005 for gifts/inheritances.
Glenbhoy is correct in stating that you can receive this amount tax free during your lifetime without incurring tax. However you should check when your mother inherited the money as if it is less than 2 or 3 years (i think) then this would affect the tax.
for example, people cheat by doing the following, if my grandfather gave me €100,000 (as i am his grandchild i can only receive €46,673 tax free and would have to pay tax on the balance), now if my grandfather gave it to my dad (limit is €466,725 = no tax) and then my father gave it to me (again limit €466,725 = no tax)
NOT AS EASY AS THAT the revenue deem this a gift from my grandfather to me even though it passed through my father. its an anti avoidance tax measure. so therefore do your research get on to the revenue website and check it out.
My father would have to hold onto the money for 2 or 3 years before gifting it to me so that i paid no tax. hope that helps!