The 3 Tax Bands that apply to Gift and Tax Inheritance.
In Ireland tax rates have changed so you need to be aware of the need of the different exemptions you are allowed.
1. Parent to child gift is €225,000 exemption
2. A uncle/Aunt to niece /nephew is €30,000 exemption
3. Where a gift is from a non related party the gift is €15,075 exemption.
After that you that 33 % on the amount over the above exemption.
Remember the estate of the deceased includes the value of any property they have and the cash held in the bank.The value of a deceased will maybe property related rather than cash in the bank.
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