Large money transaction in your personal a/c

G

gotsomenow

Registered User
Messages
160
Hi,

When we moved home we sold two cars, and bought a cheaper car to share, we also got gifts from people, 1k, 3k etc and then the biggest which was the 8% loan from parents. All transfers were in to my account, either by cheque or bank transfer from the person.

Will the bank be suspicious and do you have to ring the tax office yourself to explain the transactions in your account?

Thanks
G
 
The bank have a legal obligation under anti money laundering regulation to satisfy themselves that the source of any single transaction over €3,000 (I think) is 'clean', and also if a series of transactions is greater than something like €12k/€15k the same obligation arises.

Any funds received from another Irish or EEA bank are deemed to have been cleared by the corresponding bank, i.e. via cheque, transfer etc.

If you turn up with €5k in cash, you could expect to be questioned by the bank.
 
Haha@Clubman :)

CCOVICH, do I have to ring the revenue though, for all they/the bank know they could be business transactions, couldn't they? Do I need to clear myself in anyway?

Thanks

G (Not 'B')
 
You need to contact Revenue if there is any tax liability arising from these transactions. Otherwise no need.
 
Cool, thanks I don't think there are, and I have checked around the revenue site, but it appears the amounts for the gifts are too small, and I don't think we have to pay tax on the money we made from the cars?

thanks

G
 
Stop worrying, will ya?

I doubt if you made a profit on the cars (but if you did, tell us how you did it!)
 
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