Many are still busy trying to ensure that the €100,000 gift tax exemption can be used at the very last minute in 2014. This exemption will definitely expire on 1 January 2015, and Finance has repeatedly stressed that there will be no transitional or grace period. The donated amount must really have been used before 1 January 2015, except if the donation is used for maintenance or renovation of a home that qualifies as an owner-occupied home on 31 December 2014.
In the meantime, Finance has announced the gift tax exemptions for 2015:
* gift to children: €5,277 (2014: €5,229);
* increased once when donating to children aged between 18 and 40 to €25,322 (2014: €25,096);
* if used for own home or an expensive study up to €52,752 (2014: €52,281);
* other acquirers €2,111 (2014: €2,092).
If gift tax is payable, it is for the taxable part of the gift up to €121,296 (2014: €117,214): 10% and above that amount: 20%. For grandchildren, the rate is 18% and 36%; for other beneficiaries, 30% and 40%. The same rates apply under inheritance tax.
Finance has also announced the 2015 rates for other taxes. You can find this information in the end-of-year press release.