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
2008(€)
From 01/01/09 to
07/04/09 (€)
From 08/04/09 (€)
Son/Daughter
521,208
542,544
434,000
Parent*/Brother/Sister/
Niece/Nephew/
Grandchild
52,121
54,254
43,400
Any other person
26,060
27,127
21,700
* In certain circumstances a parent taking an inheritance from a child
can qualify for the Group A threshold.
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Members of the Institute of Chartered Accountants
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