Gift to UK resident daughter

S

slane4

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Is a lifetime gift of say 100k from Irish resident to UK resident daughter taxable now or does it count towards her tax-free threshold for CAT purposes?
 
The tax law apply's here in Ireland so it does not matter where your daughter lives. €3000 is a tax free gift and the remaining €97000 comes off her CAT A tax allowance
 
john luc said:
The tax law apply's here in Ireland so it does not matter where your daughter lives
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Really??? Are you absolutely sure?

Edit: apologies you're absolutely correct. I was looking at the UK side of the question in to OP.
 
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yes, CAT is due once the donor or receiver lives in Ireland
 
@slane4
You've asked a few related questions about inheritance tax planning. You really need to get advice from a tax planner to ensure everything is considered and factored into your tax planning. You might get the correct answer to a specific question here, but it answers that question in isolation.
The UK rules are different to here, for example gifts received within 7 years of your death could end up being treated as inheritance in the UK and become taxable.
 
RedOnion said:
@Gordon Gekko @jpd
Surely UK treatment comes into it as well so it also matters where the recipient lives? Or am I completely wrong?
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Yes, but it depends on the jurisdiction. The UK exempts Non-Doms and exempts gifts completely if the person making the gift lives for 7 years. There’s a whole industry around insuring people for those seven years. But a bizarre thing about CAT is that it’s a tax on beneficiaries but you look at the Irish tax residence of both parties.
 
Thanks to all for responding. As it happens I did take professional advice. They were able to state the laws applying but were somewhat vague when it came to specific advice. I'm now in a position to make decisions. Thanks again.
 
My understanding (as a non-lawyer, non-tax expert) is that neither you nor your daughter will be subject to any tax on it in either country. As far as you are concerned, there's no problem if the total amount transferred to her is below the threshold (around €300k, I think). As far as she is concerned, there is no liability so long as you live for 7 years.
 
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