I received an inheritance from my late sister in 2024. I paid tax on the balance after deduction of the \u20ac32,500 allowance. The amount involved was more than \u20ac40,000.<\/b><\/p>\n
This year, I have received a small inheritance from an uncle.<\/b><\/p>\n
These inheritances are both group B. The tax-free allowance is now \u20ac40,000.<\/b><\/p>\n
Is the increase of \u20ac7,500 (more than the value of this second inheritance) in the allowance of any benefit to me in deciding <\/b>whether tax is due on this second inheritance?<\/b><\/p>\n
Ms M.McG.<\/b><\/p>\n
Getting a fix on tax with inheritance can be a minefield for two reasons. First, you need to keep track of everything you have received since December 5th, 1991 as an inheritance or even as a gift, if that gift was worth more than \u20ac3,000.<\/p>\n
That\u2019s 34 years ago. And if, like me, last week is a stretch, you\u2019ll want to have all that written down neatly and stored in a file.<\/p>\n
Not only that, but you need to have a fix on your tax position in each of three separate categories of tax-free exemption \u2013 Category A from your parents, Category B from close blood relatives, and Category C for everyone else, including in-laws, cousins, friends, etc.<\/p>\n
Every time an inheritance comes up in your name, Revenue<\/a> will require not only the details of that latest inheritance but the details of every previous inheritance within that category, the amounts received, and on which dates.<\/p>\n