IT38 form

ukresident

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Hi

I am filing an IT38 form for 2020 having previously received gifts from my parents. My main query relates to a loan from my mother for 100,000; 30,000 in 2015 and 70,000 in 2019. I had hoped to pay it back but she now wishes to forgive the loan, so it becomes a gift, so I will be due to pay CAT as I am over the threshold ( I am aware of the small gift exemption). I am planning to file the IT38 myself, but I am wondering what date I put as the date of receipt of gift. Is it the date she decided to forgive the loan?

Also, when I file online, do I need to print something out and send to Revenue, or can I do it all online?

In a separate matter - my accountant had previously submitted returns for CAT for me, but looking through them now I see he submitted monetary gifts as realty not bank account, does this matter and should I correct this with the Revenue? If so, how would I do that as the statements do not appear on my online account.

Thanks for any advice.
 
It’s the date the loan is forgiven.

No, it can all be done online.

I’d leave it; it’s the value that’s important, not what it actually was.
 
Ok, that’s very helpful.

So if loan was forgiven on 30 December - I just say I received the amount of 97,000 on that date ? ( plus the amount I owe in interest for the year )
 
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