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Understanding the implications of CAT - gift tax

Dilemma2013 · 2013-01-31 08:23:04

If I received 2 gift payments over the years (the first was wll below tht threshold) and the second brought me over the threshold, is it that the 33% tax is on the excess only i.e. the Eur5,000? And is the penalty on that 33%? So, if i was to have gone Eur 5,000 over and I thus owe 1700+ approx, is it that the penalty…

31-01-2013 8:23am

#1

Dilemma2013

Registered Users, Registered Users 2 Posts: 3 ✭

Join Date: January 2013

Posts: 1

If I received 2 gift payments over the years (the first was wll below tht threshold) and the second brought me over the threshold, is it that the 33% tax is on the excess only i.e. the Eur5,000? And is the penalty on that 33%? So, if i was to have gone Eur 5,000 over and I thus owe 1700+ approx, is it that the penalty means an extra 10% of that tax owed?? Thus I owe approx 1870+???

Thanks.

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Comments

#2 31-01-2013 8:34am

Eldrick Woods

Banned (with Prison Access) Posts: 22 ✭

Join Date: January 2013

Posts: 21

It's the gift tax rate in force at the date of gift that's relevant.

Have you taken account of the small gift exemption? Basically, anyone can gift anyone €3,000 each year so 2 gifts generating a net taxable gift of €5,000 may actually be okay.

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