Level One threshold: Parents and kids. Tax free threshold around 320k. So if a gift is made of 321k, 1k is only liable to tax @33%.
Level Two: Brothers, Sisters. Aunts and uncles. Tax free threshold - 32k
Level Three: Everyone else. Tax free threshold 16k
The thresholds are for life. So say in the first case there, another gift of 100k was made. Tax @ 33% would have to be paid on the full 100k as the 320k has already been used up in the previous gift.
I already have that plan laid out bro ---- The CM foundation will be spent on re-generating the people of Limerick instead of the current government model of re-generating buildings
Remarked to a friend once that all those people who say winning the lotto wouldn’t change them were talking bollox. I was humbled when the person I was talking to reckoned I wouldn’t change, until he followed it up with, “you couldn’t possibly be a bigger cunt”.