Hello,
If a parent receives an inheritance of say 200K following from their deceased parent, can this parent then gift 100K to their two daughters? Normally a parent can gift 225k per child (group A gift threshold) but if the gift is given in the same year as the inheritance, is it seen as a gift from the deceased grandparent to the grandchildren ? In this case it would be category B - 30K threshold. Do the daughters need to pay capital acquisitions tax on the gift of 100k from their parent?
Thanks
If a parent receives an inheritance of say 200K following from their deceased parent, can this parent then gift 100K to their two daughters? Normally a parent can gift 225k per child (group A gift threshold) but if the gift is given in the same year as the inheritance, is it seen as a gift from the deceased grandparent to the grandchildren ? In this case it would be category B - 30K threshold. Do the daughters need to pay capital acquisitions tax on the gift of 100k from their parent?
Thanks