Gift and Inheritance Tax
There are various reliefs and exemptions available and our expert advice should be sought before receiving or inheriting any asset.
If you receive a gift or inheritance you could be liable to Capital Acquisitions Tax or sometimes referred to as “gift tax“. You are obliged to inform the Revenue Commissioners of your gift/inheritence and failure to do so could give rise to penalties.
The tax-free thresholds (after indexation) are as follows: Group A €33,5000 Group B €32,500 Group C €16,250