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Difference between Gift Tax and Inheritance Tax
Difference between Gift Tax and Inheritance Tax
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Guest
Guest
Aug 25, 2025
9:30 AM
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Gift tax and inheritance tax are often confused, but they serve different purposes in taxation. Gift tax is levied on assets transferred from one person to another while the giver is still alive. This means if you decide to give a valuable gift, such as property or cash, it could trigger a gift tax liability.
On the other hand, inheritance tax applies when someone passes away and their estate is distributed to heirs. This type of tax targets the value of assets received by beneficiaries after the owner has died.
Both taxes fall under Ireland’s Capital Acquisitions Tax regime but have distinct triggers and exemptions. Understanding these differences can significantly impact your financial planning strategies when dealing with family wealth transfer or significant gifts during your lifetime.
For more Details to know, Visit us:- https://mmadvisors.ie/gift-tax-in-ireland-how-does-gift-and-inheritance-tax-work/
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Call: +353 91 393 125
Email: office@mmadvisors.ie
Address: Unit 3, Office 6, Liosban Business Park, Tuam Rd, Galway, Ireland
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