Family gifts of money: donor age limit raised to 80 for gifts to grandchildren

Article 35 of the 2010 Finance Act changes the donor age condition for the exemption of family gifts of money (Article 790 G of the General Tax Code). The age limit rises from 65 to 80 when the gift skips a generation, that is, when it is made to a grandchild, a great-grandchild or, failing such descendants, a grand-nephew or grand-niece. It stays at 65 for gifts to a child, a nephew or a niece. The other conditions of the exemption are unchanged. The measure applies from 1 January 2010. The 80-year limit was extended to all family gifts of money by the amending finance act of 29 July 2011.