Group B Inheritance Tax

[Gordon Gekko]

You refer to the €16250 contributions as “gifted” . Does this mean a person can any person receive this as a one off payment without any reference whatsoever to the giver’s will or does it needed to be noted in the actual will ?

It can be a gift or an inheritance. CAT encompasses both.

 

[Hasbeen]

A person can only receive it once, but there’s no limit on the number of people someone can distribute €16,250s to.

But if it’s a ruse to get €81,250 into, say, the Mum’s name where €16,250 is gifted to a family of five, you’ve a problem.

I presume if all the beneficiaries keep copies of bank statements invoices /receipts for college fees , saving accounts set up going forward would be advisable , give peace of mind and maybe save the hassle of any queries from Revenue later ?

 

[jpd]

There is no limit on gifts a person can receive from Cat C donors.

But they will have to pay CAT on everyone over and above the first € 16,250

 

[marsaday]

Hi, what happens if a person leaves money to his son or daughter who are living abroad. How is this treated tax wise, do the same thresholds apply ?

 

[jpd]

Yes