Gift duty exemption for family gifts of money up to €30,000

Article 8 of the TEPA Act creates Article 790 G of the General Tax Code: gifts of money made in full ownership to a child, grandchild, great-grandchild or, in the absence of descendants, a nephew or niece are exempt from gift duties up to €30,000 per donor and per recipient. The donor must be under sixty-five and the recipient an adult or emancipated minor; the gift must be declared within one month. The exemption can be combined with the allowances for direct descendants, grandchildren and great-grandchildren, nephews and nieces and disabled persons. It applies to gifts made from 22 August 2007. The scheme still exists, with the amount and the donor age limit changed since.