Your Questions Answered
There have been significant changes to the tax rates. Photo: Laura Hutton/RollingNews.ie
Q I was watching the recent budget and noticed the Government went ahead with its plans to increase the tax-free threshold for gifts and inheritances between a parent and child to €400,000. As my 33-year-old son and his new wife don’t qualify for a mortgage large enough to buy a home, my wife and I gifted them our holiday home in Connemara this summer. I’d estimate the property is worth about €340,000. Does this new tax threshold mean my son and his wife won’t have to pay gift and inheritance tax on this gift or when does the new change kick in?
