Section 69 Exemption of small gifts

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(1) In this section, "relevant period" means the period of 12 months ending on 31 December in each year.

(2) The first [€3,000]¹ of the total taxable value of all taxable gifts taken by a donee from any one disponer in any relevant period is exempt from tax and is not taken into account in computing tax.

Amendments

1 Substituted by Finance Act 2003 section 149 as respects relevant periods ending after 31 December 2002.

What amount of a gift is exempt?

(1)-(2) The first €3,000 of the taxable value (section 28) of a taxable gift (section 6) taken by a donee from any one disponer in a calendar year (relevant period) is exempt from tax.

(3) In the case of a gift which becomes an inheritance by reason of its being taken under a disposition where the date of the disposition is within 2 years prior to the death of the disponer, the same relief is granted in respect of that inheritance under subsection (2) as if it were a gift.

If a gift I take becomes an inheritance, do I retain the gift exemption?

(3) The small gifts exemption mentioned in (2) also applies to a gift to you that becomes an inheritance because the disponer dies within two years of the date of the gift.