Inheritance Tax

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From what I gather that for taxation purposes there are three groups of taxation when it comes to calculating the amt. of inheritance tax.

Group A
Son/Daughter 496,824 Threshold

Group B
Brother/Sister/Niece/Nephew/Granchild 49,682 Threshold

Group C
Relationship other tan A and B 24,841 Threshold

Would I be correct in saying that the tax applicable beyond the threshold is 20% flat irrespective of which group the person belongs ? ie a friend inherits 50,000. 24,881 ie exempt from tax and the balance is taxed at 20%. Or is their a tiered rate depending on the relationship, ie Group A or B? I do realise that inheritence tax between spouse is zero.
 
Would I be correct in saying that the tax applicable beyond the threshold is 20% flat irrespective of which group the person belongs
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Yes

Or is their a tiered rate depending on the relationship, ie Group A or B?
Click to expand...

Not sure what you mean?

Not sure if this answers your question.
It depends on the relationship you have to the person giving the inheritance. You could receive 496K from a parent, 49K from a relation under group B and 24K from anone else and not pay any tax.
These are one off tresholds. For example if you receive 49K from a brother you do not pay any tax. If you receive any more inheritances from a relation within group B then you pay tax on the full inheritance regardless of when it is received.
 
Thanks for the reply. So 20% is the fixed rate of tax irrespective of the relationship. That is where the relationship is not close, say 'a neighbour' leaves another 'neighbour', say 500,000, then the tax applicable above the threshold is 20% irrespective of the amount above the Threshold limit, being 24,841 Euro as it is now ?
I might have thought that after 24,841, 20% may apply to an amount 20,000 above the Threshold, then 30% on an amount above 40,000 etc, 40% on an amount above 60,000 for example, particularly when the relationship isnt that close.
 
Hi All,
A question on inheritance tax:

1. What are the implications for inheritance tax if a beneficiary is a non resident at the date of the disposition in Ireland? Are the tax rates different if an irish person is living overseas at the time or do the same rates apply?

Grandparent - grandchild - 47,815 tax free...20% thereafter..would this stay the same?

Thanks
Jen.
 
AFAIA the beneficary may have a liability in the country they are now resident.
 
What are the tax implications if money was left to a parent. Is there any threshold or is it all taxed.
 
Parent thresholds are the same as Son/Daughter "when he/she takes an immediate, absolute inheritance on the death of a child."

[broken link removed] (Revenue Leaflet)
 
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