Gifting to grandchildren

[mammyof2]

My parents in law have kindly offered to gift 3k to each of our 2 children per year starting from this year. The idea is that the money can be used by us for education, extra-curricular activities and other costs related to their upbringing and wellbeing (I can see expensive orthodontics coming down the line ...). It therefore needs to be in an account that OH and I can access. Do we need to have an account set up in their joint names in order to prove to Revenue that the money is a gift to them or can we set up an account in our own names and specifically identify to Revenue in our tax returns that the money is a gift to child 1 and child 2, so therefore not subject to tax?

Thanks

 

[Branz]

AFAIK all of this sort of stuff now needs to be done on line via ROS.ie , with the beneficiary and your parents in law identified by PPS number. ( the kids may need one as well) This will satisfy the Revenue
I would suggest a joint account with each child for transparency.