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** HELP - Gift tax ***

  • 14-10-2015 9:02am
    #1
    IRISHTJS
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi All,

    Me, 39 living in the UK for 8 years. My father would like to gift me €122,000.
    Am I liable for any type of gift/inheritance tax ?

    Thanks

    Irish


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,137 ✭✭✭✭Geuze


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

    Read about CAT.


  • #3
    IRISHTJS
    Registered Users, Registered Users 2 Posts: 4 ✭IRISHTJS


    Its still not clear. As far as I can see I am not liable for gift tax as I am my fathers son and it is for 122k


  • #4
    Geuze
    Registered Users, Registered Users 2 Posts: 14,137 ✭✭✭✭Geuze


    Correct.

    The fact you live in UK may complicate things, as UK tax laws may also be an issue?? I don't know.


  • #5
    KlausFlouride
    Registered Users, Registered Users 2 Posts: 198 ✭✭KlausFlouride


    Determine your (tax) country of residence first.

    See if Irish CAT applies.
    Irish Limits are going to 288k off the top of my head.
    If not liable to Irish CAT, probably liable to UK CAT (double taxation and all that)

    Check out the English exemptions then, think their thresholds are higher, so I would suspect no liability, but am sure HRMC have similar guides to Revenue here.


  • #6
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    KlausFlouride wrote: »
    Determine your (tax) country of residence first.

    See if Irish CAT applies.
    Irish Limits are going to 288k off the top of my head.
    If not liable to Irish CAT, probably liable to UK CAT (double taxation and all that)

    Check out the English exemptions then, think their thresholds are higher, so I would suspect no liability, but am sure HRMC have similar guides to Revenue here.

    Living in the UK for the last 8 years answers the residence question.

    Looks like a gift from an ROI resident person - OP is it right to assume your father is resident in Ireland?

    If so the gift is liable to CAT but likely covered by the exemption limits which are well in excess of the 122k. OP - unless you had other significant gifts from your parents before you most likely haven't used up your exemption limits.

    As for the bolded part above, the question of whether there is a UK liability does not depend on whether there's an Irish liability. Gifts are usually exempt unless the person who made the gift dies within 7 years and even then only when they were UK domiciled or the asset was a UK asset. Domicile is an odd concept but unless your father had lived in the UK for a lengthy period there's no way he'd have UK domicile.


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