Gift tax

AstonMartin

If a child gives a parent a gift of E50,000 how is the tax on this gift calculated?

parent is retired.

okiss

If you look up revenue.ie website and do a search within this under gift tax it has a lot of information. I had a look but I can't see when giving a parent a gift.
It may be better to give this money over a few years for tax reasons.

Here is the address and phone number of this section dealing with gift tax.
Revenue, Capital Acquisitions Tax,
Central Revenue Information Office, Cathedral Street, Dublin 1.

Telephone: LoCall 1890 20 11 04
Telephone: 00353 1 865 5000 (calls from outside Ireland)

Are you giving this money to a parent to pay for nursing home care.
If this is the case if you pay for nursing home care directly you may be able to avail of the tax allowance towards this cost.

AstonMartin

Thanks. Ill have a read through that revenue section.

Its not for any care scenario.

nompere

In general a gift from a child to a parent comes within Group 2, where the exemption is €33,208. By contrast an inheritance by a parent from a child usualy comes within Group 1 where the threshold is €332,084.

In the situation posed, there would be tax of 25% on €16,792, which is €4,198.