Declaring cash gift

S

Sam

Guest
I received a substatial cash gift from a parent in early 2003. There is no taxable as the amount is well below the threshold. Do I need to do anything in terms of declaring this or does the onus for this lie with my parent?


Thanks
 
Re: Tax gift..

Hello unregistered user,
Have a look at the Posting guidelines, especially no. 5
5) Please don't duplicate or reply to your own recent posts just to "bump them up" to the top of a topic list:
Click to expand...

Then try this Revenue [broken link removed].

The blurb says
This is a comprehensive step-by-step guide to completing the Gift/Inheritance Tax Return ( Form IT38) in respect of gifts or inheritances taken on or after 5 December 2001. It also explains key concepts along the way and gives a number of illustrative examples. In addition, a number of appendices give more detailed notes and examples on issues of particular interest, e.g. reliefs and exemptions, limited interests, credits etc.
Click to expand...

Enjoy
Sluice
 
Re: Tax gift..

I think (from memory) there is a requiement to complete a return if you reach around 80% of any one threshold

The reason being, if you get your calcualtions slightly wrong you might have had to make a return

I will get back to yiou

Stu

PS Once you reach 80% your are oblidged to file a return, within 4 months of the valuation date
Here's hoping your right
 
Cash gift

Thanks for that - read through the revenue link and if I understand it correctly, as the amount I received does not amount to 80% of the Group A threshold (€441K), I do not have do do anything at all. Presumably my parent will have to disclose all my details (pps no etc) to the revenue?


Thanks
 
Re: Cash gift

Why would your parents do anything?

If the gift is what most parents are doing, as in giving you dosh to buy a house .. then on the conveyance the Revenue will know that your mortgage is adrift of the house purchase price ..by say €100k.

They may, if they have time not chasing the work they should have done 20 years ago on non-resident accounts, write to you and ask you about how you financed the difference.

On the other hand, if a Class C 'gift' .. say you get a slice of the action from some elderly neighbour that thought you were helpful when she was alive .. her gift could trigger a tax problem, as these A,B,C thresholds are 'interdependent' ...that where the matter could crystallise.
 
Cash gift

This is exactly what I'm trying to clarify - my understaing of the legislation is that since the cash gift was not equal to or exceed 80% of the Group A (parent to child) threshold (€441K), I am not required to disclose anything but my parent is. Can anyone confirm this?


Thanks!
 
Re: Cash gift

If Revenue have said it, just note who told you. The tax is 'self assessment' so the obligation is ultimately with you but you wont pay any tax on that gift.

The matter of the lower thresholds for gifts means that the threholds are not separate i.e. the gift you got probably means that if a neigghbour gives you a relatively small gift that it is taxable.
 
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