inheritance threshold

[discovery101]

Thank you in advance.

I am due to inherit the family home but have received a prior gift several years ago that will push me way over the threshold, can anyone tell me how far revenue go
back to check that you received prior gifts? or are you just meant to disclose it when you inherit the house and pay the 33% on the balance.

 

[tallpaul]

Gifts/inheritances are lifetime so they can go back all the way. Only exemption is €3K per annum.

 

[Curlywurly]

Thank you in advance.

I am due to inherit the family home but have received a prior gift several years ago that will push me way over the threshold, can anyone tell me how far revenue go
back to check that you received prior gifts? or are you just meant to disclose it when you inherit the house and pay the 33% on the balance.

The current revenue affidavit asks if you received prior gifts since 1991 as they are aggregable since then.

 

[jpd]

Yes, you are expected,in fact legally obliged, to declare all previous gifts received since 1991

 

[Vanessa]

You must declare. If you are found out the penalties are severe especially with interest added. I'm afraid its a case of pay up and smile and of course consider yourself lucky to get such an inheritace.