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Image: Shutterstock/rafik beshay
Image: Shutterstock/rafik beshay
MINISTER FOR FINANCE Paschal Donohoe has announced a €10,000 increase in the inheritance tax threshold from parents to children.
Speaking before the Dáil, Donohoe said that he has decided to increase the lifetime Group A tax-free threshold, which broadly applies to transfers between parents and their children, from €310,000 to €320,000.
Capital Acquisitions Tax is a tax on gifts and inheritances.
People can receive gifts and inheritances up to a set value over their lifetime before having to pay CAT.
The amount that a person might have to pay out depends on the relationship between the person inheriting and the deceased.
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A spouse or civil partner is required to pay no tax.
For all other beneficiaries, a tax-free threshold amount is afforded, after which Capital Acquisitions Tax has to be paid.
Sons and daughters receive the largest tax-free amount. The second group is made up of parents, brothers, sisters, nieces, nephews and grandchildren and the third group includes any other type of relation.
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