ANNUAL GIFT EXEMPTION
Q – Coming up to Christmas, I am wondering can a parent gift €3,000 a year each tax free to their children ? I was told only one parent is allowed. Are such gifts counted in the current € 335,000 inheritance exemption, free of Capital Acquisition Tax (CAT) to which each child is entitled to? And are those thresholds – both Gift tax and CAT – likely to increase over the coming year ? Love the column. Micheline- Ashbourne Co Meath