bigbustour
Registered User
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If they gift it to your wife then it will be under the threshold and no tax would be due, unless she has received gifts already that would bring it over the €250,000 threshold.
Start here: if it's not a loan, it is fraudulent to tell the taxman that it is one.
Gift tax and inheritance tax are the same thing in Ireland. €250k is the lifetime threshold parent to child for either lifetime gifts or inheritances.
Hi big bus,
I am a specialist in uk/Irish estate planning.
Are your parents Irish living in the Uk or are you British living in Ireland or some other combination?
There are some considerable complexities around the interaction of UK inheritance tax and Irish CAT depending on the mix of residence, intentions, nationality and other factors but with careful planning it would be possible to structure a tax efficient gift from a UK IHT perspective and a tax efficient transfer from an Irish CAT perspective.
But you potentially need to consider the tax rules on both sides of the Irish Sea. For a gift of this size and depending on the size of the parents estate you could be looking at estate taxes of 30- 40k so you are right to explore your options.
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