Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Parental Loan

  • 15-07-2016 9:28pm
    #1
    jethrothe2nd
    Registered Users, Registered Users 2 Posts: 604 ✭✭✭


    If I were to take a loan of 15k from my parents would either I or them have any tax liabilities?


Comments

  • #2
    adrianw
    Registered Users, Registered Users 2 Posts: 236 ✭✭adrianw


    jethrothe2nd wrote: »
    If I were to take a loan of 15k from my parents would either I or them have any tax liabilities?

    Assuming it is interest free and will be repaid eventually there should be no tax implications. However further info regarding existing arrangements, loans & gifts currently in place would be required to give a definitive answer.

    If no other loans/gifts have been given, Each of your parents can give you €3k a year tax free. Therefore the interest free gift your parents are giving you until the loan is repaid will be covered by this annual allowance (on any deemed interest rate the Revenue may suggest should apply).

    HOWEVER, there are many other reliefs and schemes that would allow a gift of €15k to be given to you tax free if this is the end goal.


Advertisement