Taxation Reliefs and Exemptions

There may be certain levies to pay after someone has passed away. However, some gifts and assets will be subject to taxation reliefs and exemptions.

Taxation reliefs reduce the amount of tax that must be paid, while tax exemptions eradicate the need to pay tax altogether. If you plan ahead, you can significantly reduce the impact of tax on your estate, taking full advantage of the reliefs and exemptions available.

Inheritance tax and taxation reliefs and exemptions

Inheritance tax must be paid if a beneficiary of a Will receives more than the threshold for Capital Acquisitions Tax. There are different thresholds depending upon the beneficiary and their relationship to the deceased.

However, if the beneficiary is a surviving spouse or civil partner of the deceased, there will be no inheritance tax to pay. In other words, the beneficiary will be exempt from paying tax. There are also other occasions where tax relief and exemptions will apply, including situations involving agricultural or business property, and gifts to charity.

Will I have to pay tax?

If you have been named as a beneficiary of a Will and you are uncertain as to whether or not you must pay tax, you need to speak to a solicitor. It is your responsibility to pay the tax so it is important to establish your legal obligations. A solicitor who specialises in inheritance tax will be able to advise you further.

Can I lessen the tax on my estate?

Alternatively, you may be thinking ahead and wondering if you can reduce the amount of tax your loved ones will have to pay after you are gone. Sound financial planning can help you lessen the impact of tax, protecting your estate for beneficiaries to enjoy in the future.

A solicitor will be able to recommend what options are available. This might involve writing a Will, setting up Trusts, or transferring your wealth via gifts during your lifetime. There can be exemptions from gift tax – for example, the first €3,000 of a gift in one calendar year is exempt from tax.

Contact us today

For more information on taxation reliefs and exemptions, please contact us at Gibson & Associates. Our legal team are on hand to offer professional advice regarding estate tax planning and probate.

To talk to a solicitor today, you can call us on 1890 989 289 or email us on If you would prefer to contact us online you can complete our online enquiry form and we will be in touch shortly.

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