Cian Carroll

Yeah, the €3,000, it's agnostic as to who the relationship is or what the relationship is.

It can be passed from anyone.

Yeah, so that 3,000 euro annual small gift exemption sits outside of the inheritance tax threshold.

So if you were to gift a sibling 5,000 euro in one year, well, in theory, 2,000 euro gets knocked off that 40,000 euro capital acquisition tax free threshold.

Absolutely.

My understanding is you don't need to declare that, but your capital acquisition tax, so if you do inherit or if you are gifted monies, it's side of that, you do need to declare that.

That's self-declaration.

Yeah, so it depends on the ownership.

So if it's owned joint tenants, so they own their 50%, like assuming that they're not married, right?

It seems that way, I think.

Yeah, so they would own their 50% share of the house.

And there's potentially an inheritance tax liability on...

The other 50%.

Yeah, but depending on the relationship there as well.

So, yeah, I think that definitely requires legal advice and tax advice specifically around that.

You need to get married.

Yeah, it's, I mean, often that is... I mean, people do, don't they, to deal with this problem?

Yeah, that's the margin of convenience to deal with potential unintended tax consequences, yeah.