getting lump sum from parent will i have to pay tax?

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poppy1

Registered User
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Hi

My Dad was recently diagnosed with a terminal illness and has told me he has 50k in an account that he wants to give me. im an only child. The account is a long term thing that is up in jan 09, he has gone to the bank and signed all the money over to me.
Will i have to pay tax on this? Can i put it towards my mortgage?
Thanks
 
Not unless he has given you a lot more money than that. I think that the threshold is about 500,000.
 
Firstly, sorry about your dad's illness. It must be a difficult time for you both. Regarding your query, the Group A Threshold (parent to child) is €521,208 for 2008. Bear in mind that covers ALL gifts/inheritances from parents. If this is your first gift, then the previous post above is correct, no Capital Acquisitions Tax ( CAT ) is due. If other gifts/inheritances come or have already come from a parent which in aggregate take you over the threshold amount then CAT at 20% falls due on the excess.
 
Thanks Graham 07
Hope you dont think im a money grabber, but my Dad is very matter of fact and wants to ensure everything is in order , if things get bad now or a few years time. Maybe we'll get a miracle in the meantime!

Thanks again
 
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