Revenue alters inheritance rates

THE Revenue Commissioners has increased the tax-free threshold for inheritances and gifts from parents to children.

Children will now be able to receive up to €466,725 tax-free from their parents, before paying tax at 20% on any balance over this amount.

This marks an increase of 2% on last year’s threshold, which was €456,438.

The ceiling for tax-free gifts and inheritances between other relatives has gone up to €46,673, while the limit for transfers to people outside the immediate family goes up to €23,336.

Transfers between spouses attract no tax liability.