Hi
I live in the England and hold a British Passport. I do not have any family or direct descendants. My niece lives in Dublin and is a permanent resident and currently lives in a paying guest accommodation.
If I buy a property in Ireland jointly with my niece but I pay the lions share e.g. 80%, and my niece starts living there (without paying any rent), and from time to time I visit Dublin and spend the weekend there - I would like to know what is the implication in terms of Gift Tax (CAT).
Does the rent that my niece is saving be considered a gift from me - or since she co-owns the property she has the right to stay there and there is no CAT implications.
(She already receives gift in cash from me every year so Euro 3K exemption per year as such will not help)
Thanks in advance.
Regards
I live in the England and hold a British Passport. I do not have any family or direct descendants. My niece lives in Dublin and is a permanent resident and currently lives in a paying guest accommodation.
If I buy a property in Ireland jointly with my niece but I pay the lions share e.g. 80%, and my niece starts living there (without paying any rent), and from time to time I visit Dublin and spend the weekend there - I would like to know what is the implication in terms of Gift Tax (CAT).
Does the rent that my niece is saving be considered a gift from me - or since she co-owns the property she has the right to stay there and there is no CAT implications.
(She already receives gift in cash from me every year so Euro 3K exemption per year as such will not help)
Thanks in advance.
Regards