Tax Implications

Z

ZEGAR

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Oh wise ones.

What are the tax implications (if any) of me taking out a mortgage on my home of 100k and giving that 100k to my parents ???..Are their tax implications for my parents ??
 
As far as I know...

You cannot claim any owner occupier mortgage interest relief on the €100K topup since it is being used for purposes other than the purchase or renovation/improvement of your PPR.

Your parents would each have to pay Capital Acquisitions Tax/Gift Tax of 20% on any amount above the child to parent gift tax [broken link removed] of €46,637 (€672.60 each or €1,345.20 in total).
 
In certain circumstances a parent taking an inheritance from a child can qualify for the Group A threshold which is 466,725....I wonder what those circumstances are
 
Smarty Pants...

It read's "In certain circumstances a parent taking an inheritance from a child"

A parent taking an inheritance from a child will always be under the assumption the child is dead...So we must presume there are "certain circumstances" to be considered.. as this is what is stated
 
ZEGAR said:
Smarty Pants...
Click to expand...
I wasn't being smart - I was just stating what I believe are the facts.
It read's "In certain circumstances a parent taking an inheritance from a child"

A parent taking an inheritance from a child will always be under the assumption the child is dead...So we must presume there are "certain circumstances" to be considered.. as this is what is stated
Click to expand...
So there are certain circumstances in which the child is dead and the parents take an inheritance from the child in which they may qualify for category A CAT exemptions. I still don't see how this is relevant to your original query? Or is this a second supplementary query of academic interest?
 
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