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![]() The gift or inheritance consists of property used in connection with the business, including farming, or of shares in the company.The nephew or niece must be a blood relation rather than a nephew or niece-in-law.Group A may apply to a nephew or niece if they have worked in the business of the person giving the benefit for the previous five years and meets the following criteria: If a grandchild is a minor (under 18 years of age) and takes a gift or inheritance from their grandparent Group A may apply if the grandchild's parent is deceased. Nephew or niece of the giver - see below.Grandchild or great-grandchild - see below.Group B applies where the beneficiary is the: In this case, no tax needs to be paid even if the inheritance from the child is over the threshold. If a parent inherits from their child, and they have full and complete ownership of the inheritance it is exempt from tax if, in the previous five years, the child took an inheritance or gift from either parent and it was not exempt from Capital Acquisitions Tax. ![]() ![]() If a parent receives an inheritance where they do not have full and complete ownership of the benefit, or if a parent receives a gift, then Group B applies. Group A also applies to parents who take an inheritance from their child but only where the parent takes full and complete ownership of the inheritance. In this case the Group A threshold will apply provided that the foster child had been placed in the care of the disponer prior to that date. This minimum period does not apply in the case of an inheritance taken on the date of death of the disponer. It can also include a foster child if the foster child resided with and was under the care of the disponer and they provided the care, at their expense, for a period or periods totalling at least 5 years before the foster child reached the age of 18. This includes a stepchild or an adopted child. Group A applies where the beneficiary, the person receiving the benefit, is a child of the person giving it. Each has a threshold that applies to the total benefits you have received in that category since 5 December 1991. There are three different categories or groups. The tax-free amount, or threshold, varies depending on your relationship to the person giving the benefit. ![]() Gifts and inheritances can be received tax-free up to a certain amount. ![]()
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