Gift to Son

[Finpat]

I would like to give my son a gift of 30k. I'm presuming that this can be given within his 335k inheritance from me. I.e. the allowance he could inherit from me before tax would then be €305.

Does he or I need to inform Revenue of this gift? Does he need to fill in a tax form to inform Revenue? If so what form would that be? I've looked at IT38S but that seems to suggest you should not use this form if no exemption is required apart from small gift exemption.

Does HE need to do anything on receipt of this gift?

Thanks

 

[T McGibney]

I would like to give my son a gift of 30k. I'm presuming that this can be given within his 335k inheritance from me. I.e. the allowance he could inherit from me before tax would then be €305.

Does he or I need to inform Revenue of this gift?

No, assuming his cumulative Group A gifts and inheritances received to date don't exceed 80% of the current Group A threshold.

Does he need to fill in a tax form to inform Revenue?

Ditto

Does HE need to do anything on receipt of this gift?

Record it for future calculations of his available threshold.