Interest Free Loan - CAT Liability

[pctk219]

My Brother in law has kindly offered us €80k to get our self build house completed so we don't have to sell our own house straight away - it gives us time to get new house built and our current house sold.
we are planning on repaying him within 1year or when our house is sold. I am having a simple letter/agreement drawn up by our solicitor.
He does not want interest on the amount. Its a simple tax fee loan.

How does the CAT work in this situation? would I be better to pay him interest or pay it back quicker. Obviously i want to see if there is a way of not having any tax liability or reducing it as much as possible.

 

[Gordon Gekko]

There’d be no CAT. Even if one applies a call deposit rate, it’d be below the €3k per person that anyone can be gifted. Don’t worry about it. That’s €6k for ‘us’ and possibly €12k if he’s married.

 

[pctk219]

There’d be no CAT. Even if one applies a call deposit rate, it’d be below the €3k per person that anyone can be gifted. Don’t worry about it. That’s €6k for ‘us’ and possibly €12k if he’s married.

Do i need to fill out that CAT form -He is married to my sister

my Husband is Self employed - are we better to keep his name out of it?

 

[jpd]

No

 

[Gordon Gekko]

Do i need to fill out that CAT form -He is married to my sister

my Husband is Self employed - are we better to keep his name out of it?

No need to do anything and his status doesn’t matter

 

[Bronte]

What happens if the house build stalls? (as regards repayment). Same question re house sale.