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Inheritance Tax: What I need to know

Inheritance Tax

Your entitlement thresholds.

“Death, taxes and childbirth! There’s never any convenient time for any of them.”

Margaret Mitchell, Gone with the Wind

“Capital acquisitions Tax is the tax that is payable in receipt of a gift or inheritance.

Everyone has an entitlement to receive a gift of €3,000 each year without being liable to pay tax on that gift. If you receive over and above this gift you may be liable to pay capital acquisitions tax on that gift or inheritance at a rate of 33%. Revenue allows certain groups to receive a gift or inheritance without paying capital acquisitions tax on the gift up to a certain allowable threshold. Please see our table below to learn more about the Capital Acquisitions Tax Group thresholds and the relationship they apply to.

It is worth noting that there isn’t any tax between spouses, spouses therefore are able to make gift to each other of any amount and can inherit tax free.

The taxable benefit received by a beneficiary will be net of expenses such as the cost of extracting a grant of probate, the costs associated with selling a property, legal fees and any fees charged by your accountant.

It is important to note beneficiaries are responsible for filing a tax return if the benefit received if more than 80% of their allowable group threshold.”

Read more about real life inheritance stories here.

John Griffin

John Griffin

Principal Solicitor

Inheritance Tax Threshold Table
portrait: John Griffin

John Griffin

Principal Solicitor

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