Gift tax and inhertitance tax

Hi all,

While i have done some searches on the above all i can find are details on one or the other, i need some advise on both, as in my query, they are combined.

My wife received a gift of land from her parents about 4 years ago, approximate value of €100,000.
Recently she has been named as a benificiary in her Aunts will and so we are wondering what the tax implications are on this as she has been asked to provide details of any gifts or inheritance she may have received in the past.

Thanks,

There are three classes

Gifts received from parents (Group A)
Gifts received from children, aunts, uncles etc. (Group B)
Gifts received from 'unrelated' parties (Group C)

The prior gift from her parents has no bearing on the tax payable on the gift from her aunt.

If she has received more than €49,682 from parties in 'Group B' in her lifetime (well since 1974/75), she will be liable to tax.

[broken link removed]

It's value of gifts from 5th Dec 1991 not 1974/5.

[broken link removed]

CCOVICH,

Does it make any difference that it is inheritance and not a gift that my wife will be receiving from her aunt?

Thanks.

Stevo2006 said:

CCOVICH,

Does it make any difference that it is inheritance and not a gift that my wife will be receiving from her aunt?

Thanks.

Click to expand...

The only difference between a gift and inheritance, is that with a gift the first €3000 is ignored for tax purposes (small gift exemption), but this doesn't apply to an inheritance.

jpd said:

It's value of gifts from 5th Dec 1991 not 1974/5.

[broken link removed]

Click to expand...

Sorry, you are correct there.

Stevo2006 said:

CCOVICH,

Does it make any difference that it is inheritance and not a gift that my wife will be receiving from her aunt?

Thanks.

Click to expand...

No.