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Gift / Inheritance tax

Portion of taxable value of benefits

Inheritance Tax %

Gift Tax %

Benefits taken from 1st December 1999 onwards



The threshold amount

Nil

Nil

The balance

20

20

Notes

1.

The rates of inheritance tax and gift tax are applied by reference to the aggregate of all taxable inheritances and taxable gifts taken after 5th December 1991 by the beneficiary being taxed. Inheritances or gifts taken before 5th December 1991 are not aggregated in relation to inheritances or gifts taken on or after that date.

2.

Tax rates were considerably higher for benefits taken prior to 1st December 1999 and differed between gifts and inheritances.

3.

For the purpose of Gift and Inheritance Tax, the relationship between the person who provided the gift or inheritance (i.e. the Disponer) and the person who received the gift or inheritance (i.e. the beneficiary), determines the maximum tax free threshold - known as the "group threshold". Three Group thresholds were introduced on 1 December 1999 in respect of gifts and inheritances taken between 1 December 1999 and 31 December 2000.

4.

For the new indexed threshold amounts, see table below.

Relationship to donor

Gift or inheritance in


2005(€)

2006(€)

2007(€)

Son/Daughter

466,725

478,155

496,824

Parent*/Brother/Sister/

Niece/Nephew/

Grandchild

46,673

47,815

49,682

Any other person

23,336

23,908

24,841


* In certain circumstances a parent taking an inheritance from a child can qualify for the Group A threshold.

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