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Wedding present tax

  • 25-06-2015 02:39PM
    #1
    mmooney1983
    Closed Accounts Posts: 73 ✭✭


    Hi all
    My mother is kindly paying for my wedding (15,000). The inlaws are matching this in cash as they paid for their daughters' weddings.
    Are we liable to gift tax?
    We were planning on getting the 15,000 as electronic transfer to our joint account and putting it straight in our mortgage account.
    We would need to know in advance if we have to reserve some for tax as we wouldn't have spare to pay the tax liability.


Comments

  • #2
    Kristopherus
    Registered Users, Registered Users 2 Posts: 11,907 ✭✭✭✭Kristopherus


    I'm sure the same scenario has arisen thousands of times over the years and nobody mentioned tax. It doesn't arise with small gifts like that. Enjoy your wedding day and have a happy life thereafter.


  • #3
    Careful_now!
    Registered Users, Registered Users 2 Posts: 617 ✭✭✭Careful_now!


    You are allowed to receive €250k tax free as a gift from a parent. It used to be €500k but it was changed in the last budget


  • #4
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    In fact its been a matter of considerable attention quite recently - see this Indo article

    There will be something similar on the Revenue website also.

    Bottom line is that its not a gift because its treated as being the parents' own cost.


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