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Will the bank notify Revenue of a large overseas transfer?

  • 06-12-2012 6:26pm
    #1
    somairle
    Closed Accounts Posts: 92 ✭✭


    My wife is accepting a €10k transfer to our joint account from her sister abroad to pay off a debt her sister has has here in Ireland.

    I am wondering will there be any problems for us in accepting this transfer? Will Revenue come knocking asking questions? It is legit as Money her sister has earned abroad and my wife will be paying her debt straight away. But I don't want any issues or hassle from it.


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    somairle wrote: »
    My wife is accepting a €10k transfer to our joint account from her sister abroad to pay off a debt her sister has has here in Ireland.

    I am wondering will there be any problems for us in accepting this transfer? Will Revenue come knocking asking questions? It is legit as Money her sister has earned abroad and my wife will be paying her debt straight away. But I don't want any issues or hassle from it.

    €10000 is the threshold for requirement for the bank to at least report the transaction to Revenue who will then determine if they need to follow up. If it is a lump sum gift it should be able to be tax free but gifts from people are not always tax free.

    http://www.revenue.ie/en/tax/cat/thresholds.html


  • #3
    km79
    Registered Users, Registered Users 2 Posts: 48,336 ✭✭✭✭km79


    chris85 wrote: »

    €10000 is the threshold for requirement for the bank to at least report the transaction to Revenue who will then determine if they need to follow up. If it is a lump sum gift it should be able to be tax free but gifts from people are not always tax free.

    http://www.revenue.ie/en/tax/cat/thresholds.html
    Tell her to transfer €9,999?


  • #4
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Contact the Revenue, they'll be glad to advise you.


This discussion has been closed.
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