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form 38 - gift tax return

  • 12-02-2013 6:45pm
    #1
    Kate253
    Registered Users, Registered Users 2 Posts: 167 ✭✭


    OK, so i have got this form but am stuck trying to fill it out. Thanks in advance to anyone who has the time to reply to this. If not, would appreacite a link to relevant info-for-dummies as I did not find the related revenue leaflet helpful.

    I got a gift many years ago. Then got another gift last year which has taken me over the threshold.Can somebody please explain how I fill out this form?

    Part 8, Q's 6: what is the % tax - I got one gift in 2007 and another
    in July 2012. Even in 2012 alone, there is a dif %tax prior to Dec 2012 and after 2012.

    Q's 7 and 8 ????? I'd have rang someone in revenue but I couldn't get thro.

    I have read that you are excempt the first 3,000 in a given year. Do I then insert each gift less the 3,000 each time?

    Finally, I have gone over the time limit - I had presumed tax was calculated the following year like most things but its dif for CAT apparently. Does this refer to the time from when the total gift went over the threshold?

    Thanks.


Comments

  • #2
    Cocospud
    Registered Users, Registered Users 2 Posts: 13 ✭Cocospud


    Kate253 wrote: »
    OK, so i have got this form but am stuck trying to fill it out. Thanks in advance to anyone who has the time to reply to this. If not, would appreacite a link to relevant info-for-dummies as I did not find the related revenue leaflet helpful.

    I got a gift many years ago. Then got another gift last year which has taken me over the threshold.Can somebody please explain how I fill out this form?

    Part 8, Q's 6: what is the % tax - I got one gift in 2007 and another
    in July 2012. Even in 2012 alone, there is a dif %tax prior to Dec 2012 and after 2012.

    Q's 7 and 8 ????? I'd have rang someone in revenue but I couldn't get thro.

    I have read that you are excempt the first 3,000 in a given year. Do I then insert each gift less the 3,000 each time?

    Finally, I have gone over the time limit - I had presumed tax was calculated the following year like most things but its dif for CAT apparently. Does this refer to the time from when the total gift went over the threshold?

    Thanks.

    Yes the first 3000 is called small gifts exemption. As far as I am aware - you will claim this on the IT38. You shouldn't reduce the value if the gifts on the form for this.

    That should have been submitted by 31 October/15 November (extended deadline if you pay and file online).

    Hope this is of help. Maybe try getting through to Revenue again and they might be able to help you further.


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