Everybody is entitled to a certain amount free of any capital acquisitions tax. This is known as your tax-free threshold. The amount of tax-free threshold depends on your relationship with the person from whom you receive the gift or inheritance.
The most common threshold relates to assets transferring from parents to children and the current tax-free threshold for same is €310,000. No liability to tax will arise unless the value of the benefits exceeds this amount.
The second tax-free threshold which amounts to €32,500 applies where benefits are received from other close family relations apart from your parents e.g. grandparents, brothers/sisters & uncles/aunts.
Finally the third tax-free threshold which amounts to €16,250 applies in all other circumstances.
These tax-fee thresholds cover all transfers to you within your lifetime. However any benefits received prior to the 5 December 1991 are ignored. Transfers of assets between spouses are exempt from both gift and inheritance tax.
Where assets are being transferred in or out of Trusts, or limited interests are being acquired, the rules and regulations applying to same are very complicated. Because of the complexity of these matters and the fact that everybody’s circumstances are somewhat different we deal with this type of situation by way of consultation and a separate charge will arise for advice on such matters.
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