Inheritance & Gift Tax Liability Calculator

Inheritance & Gift Tax calculations based on tax year 2024.

The valuation date

• for a gift is the date you received it
• for an inheritance is the earliest of these dates:
  • the date the executor or administrator can receive the inheritance to give it to you
  • the date the executor or administrator actually receives the inheritance to give it to you
  • the date the executor or administrator gives the inheritance to you.
• is the date of death if:
  • someone gives you a gift in anticipation of their death
  • a power of revocation has not been used
  • the property passes by survivorship or under a trust.

At Paylesstax.ie we have a team of experts who can assist you in maximising the benefits and reliefs currently available under Irish tax legislation
We have listed a few below:

Exemption for spouses and civil partners:

There is no value limit to this exemption for gifts and inheritances between spouses or between civil partners.

Exemption relating to certain dwellings

In order for this exemption to apply, all of the following conditions must be satisfied:

1. the dwelling house must be the principal private residence of the disponer at the date of his or her death;
2. the dwelling house must have been continuously occupied by the beneficiary as his or her only or main residence for a period of three years immediately preceding the date of the inheritance;
3. the beneficiary must not be entitled to an interest in any other dwelling house at certain dates; and
4. the beneficiary must continue to occupy the dwelling house as his or her only or main residence for a period of six years after the date of the inheritance.

 

Agricultural Relief

To qualify for agricultural relief as a farmer, the value of your agricultural property must:

• consist of at least 80% of your total property value on the valuation date. This is called the ‘Farmer Test’. This does not apply where agricultural property consists only of trees and underwood.
• where both the date of the gift or inheritance and the valuation date are on or after 1 January 2015 you must:
• farm the agricultural property on a commercial basis for at least six years from that date

or

• lease the property to someone who farms the agricultural property on a commercial basis for at least six years from that date.

The above requirements are known as the ‘Active Farmer Test‘.

 

Additionally, the person receiving the gift or inheritance, or the person leasing the property must either:

• have an agricultural qualification

or

• farm the agricultural property for at least 50% of his or her normal working hours.

 

Business Relief

You may qualify for Business Relief if you receive a gift or inheritance of a business, where:

1. the business qualifies as relevant business property
2. the business has been carried on for the puropse of a gain for a certain minimum period of time before the gift or inheritance
3. you retain ownership of the property for a minimum period of time after the date of the gift or inheritance.

Favourite Nephew or Niece Relief

You may qualify for Favourite Nephew or Niece relief if you receive a gift or inheritance of business assets. The relief allows the use of the Group A threshold. This is subject to conditions.

For the purpose of this relief you are a nephew or niece if you are the child of the disponer’s:

• brother
• sister
• brother’s civil partner
• sister’s civil partner.

Conditions for the relief

You must have worked for the disponer for the five years immediately before receiving the gift or inheritance. During these five years you must have worked for more than:

• 24 hours per week at the place of business

or

• 15 hours per week at the place of business where the business is carried on exclusively by you and either the:

1. disponer
2. the disponer’s spouse or civil partner.
3. The relief applies only to assets used in the business. Group B threshold applies to non-business assets.

 

Where the gift or inheritance includes business and non-business assets, liabilities must be apportioned between business and non-business assets.