yesHi there can anyone please clarify how the annual exemption works.
Is it €3,000 pa.
Does that mean you can gift €3,000 pa to anyone per annum without them having any tax liability?
NoDo you need to declare this in your Annual Tax returns if you received such a gift even though you have no liability?
noDo you need to declare that you GAVE this amount if you are the disponer?
per disponer, per annumIs it €3,000 in total per annnum from all sources that you can receive or per disponer?
As a disponer can you make as many €3,000 gifts to as many individuals as you wish?
Thanks
So theoritically if you had 20 rich firends and relatives who each gave you €3,000, you could receive €60,000 pa in gifts and not have any tax liability?
from revenue website - the approx amounts are mine
Group A:
Approx €496K. This applies to a child, a step child, a foster child in certain circumstances and to a grandchild under the age of 18 of the donor whose parent is dead.
Group B:
Approx €49.6K Included in this class are brothers, sisters, nephews and nieces.
Group C:
Approx €24.8K This applies to a donee who does not come under Class A or B.
These thresholds can be reached either by a single gift or by a collection of a number of gifts and inheritances over a period of years. Only prior gifts and inheritances to which the same group threshold apply are aggregated (added together) for the purposes of calculating tax. Special arrangements may apply where there has been a prior inheritance from a parent.
Up to the max allowed for each catogory
What does the comment "Special arrangements may apply where there has been a prior inheritance from a parent." mean?
Excellent thread. can i gift my parents 20k of my ssia to take off there mortgage they are also first time buyers does this affect the gift. and as the threshold is 49.6k is this the amount i can gift to them in my lifetime
Thanks nige for your instant reply, do i need to fill out any forms for revenue when gifting my parents the 20k , sorry should have included this in my first question
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