Inheritance Tax Query

[Shadowless]

I'm starting my pension in work and part of the form requires me to outline to the trustees who I would like my death in service benifits to go to on the event of my death.

Obviously I'd like to do this in the most tax efficient way possible.
From my understanding if I leave 100% of my benefits to one of my parents they will be classed as "Group A" and will have have the higher exemption of approx €500,000. Is this correct?

Originally I had intended to divide it between my parents and brother but it seems this would leave them a much higher liability?

If I did leave 100% to a parent would there be an issue with the revenue if that parent later gave a gift to my brother taking advantage of the higher exemption limit between parent and child?

 

[qwerty08]

Shadowless,

You are correct in assuming that band.

There are certain anti-avoidance measures involved in CAT law but provided a certain amount of time lapsed, it shouldnt be caught by revenue (usually clawbacks tend to kick in for about 3 years).

Of course if you're parents were passing on the money because they themselves died (hopefully not), there would be no issue

Qwerty

 

[Shadowless]

Thanks very much qwerty08, appreciate it.