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Providing an income for elderly parents

  • 30-10-2015 2:33pm
    #1
    Deiseboy01
    Registered Users, Registered Users 2 Posts: 972 ✭✭✭


    Hi,

    I remember reading on here about a tax efficient way of providing for ones elderly parents. Can't find the thread now. Would anyone know about this or be able to direct me?

    Thanks,

    Deiseboy


Comments

  • #2
    Cute Hoor
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Cute Hoor


    You can give a gift of €3,000 to each of your parents every year without any tax implications. If you have a partner, they also can give a gift of €3,000 to each of your parents, again without tax implications.


  • #3
    Bubbaclaus
    Registered Users, Registered Users 2 Posts: 4,461 ✭✭✭Bubbaclaus


    Sounds like you're talking about a Covenant. You can claim tax relief if you meet the criteria.

    There's a detailed leaflet on it on the Revenue website, just google 'Deed of Covenant Revenue'


  • #4
    Deiseboy01
    Registered Users, Registered Users 2 Posts: 972 ✭✭✭Deiseboy01


    Thanks guys. The deed is closer to what I remember reading about. Although from memory the prior discussion did not mention it by name.

    Looks to reduce my tax bill by the marginal amount and as my parents only income is the state pension they should receive the payment gross, so a bit of a win/win or am I misreading this?


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