How much tax do I have to pay on a succession?

Which threshold is tax free?

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’.

As of 8 April 2009, the group thresholds are:

• EUR 434 000 for the sum of all gifts and inheritances to sons or daughters (Group A),
• EUR 43 400 for the sum of all gifts and inheritances to parents, siblings, nieces, nephews or grandchildren (Group B),

• EUR 21 700 for the sum of all gifts and inheritances to all other beneficiaries (Group C).

Which acquisitions fall under the Irish inheritance tax?

Gifts or inheritances of Irish property are liable to tax under the Irish Capital Acquisitions Tax whether or not the disponer is resident or domiciled in Ireland. Foreign property is liable to tax where either the disponer or the beneficiary is resident or ordinarily resident in Ireland at the relevant date.

How much is the tax rate?

The excess, surmounting the above mentioned group threshold, is taxed at a rate of 25 % (as of 8 April 2009).

Further information

www.revenue.ie/en/tax/cat/gift-inheritance.html

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