In the UK, a gift given more than seven years before you die falls out of the equation when considering inheritance tax. In Ireland, there is no difference between a gift and an inheritance from a tax point of view. The other thing to consider is that the inheritance tax threshold tends to rise. So if you gift you son €100,000 now and live for a good while more, the threshold may have risen enough to ensure the gift plus and eventual inheritance of €350,000 does not breach the threshold. The last government had a target of €500,000 for the inheritance threshold between a parent and a child.

Source: The Irish Times July 05, 2020 15:22 UTC