Do you have to complete tax return if exempt from Capital Acquisitions Tax?

thejourney

[font=Arial, "Trebuchet MS", sans-serif, Verdana]If you receive a gift or inheritance from your spouse or civil partner, you are exempt from Capital Acquisitions Tax[/font]

[font=Arial, "Trebuchet MS", sans-serif, Verdana]The above is my exemption. [/font]

[font=Arial, Trebuchet MS, sans-serif, Verdana]Do you have to complete tax return for a gift if your are exempt from Capital Acquisitions Tax?[/font]

viztopia

i am sure some one will correct me on this but i think if the gift is more than 80% of the tax free amoutn you have to declare it even though there will be no tax payable.

Lockedout2

No

thejourney

Lockedout2 wrote: »

No

thanks I though so, how will they know it came from spouse? If the banks reports the transaction will they want to see a marriage cert as spouse kept their last name?

dogsears

thejourney wrote: »

thanks I though so, how will they know it came from spouse? If the banks reports the transaction will they want to see a marriage cert as spouse kept their last name?

Very unlikely so don't sweat it, but if they do they will almost certainly believe you despite the different surnames unless they have a reason to think you're lying to them. But if they do need proof, just show them?

If the amount is substantial and you are worried about getting enquiries from the Revenue later, it might be worth asking your solicitor to draw up a letter from your spouse to you recording the gift. This would short circuit any enquiries, especially given the involvement of a professional.

thejourney

dogsears wrote: »

thejourney wrote: »

thanks I though so, how will they know it came from spouse? If the banks reports the transaction will they want to see a marriage cert as spouse kept their last name?

Very unlikely so don't sweat it, but if they do they will almost certainly believe you despite the different surnames unless they have a reason to think you're lying to them. But if they do need proof, just show them?

If the amount is substantial and you are worried about getting enquiries from the Revenue later, it might be worth asking your solicitor to draw up a letter from your spouse to you recording the gift. This would short circuit any enquiries, especially given the involvement of a professional.

Thanks for reply.

dogsears

OK so you would just want to check whether there is an issue in the country she is resident of, due to their limitation on spousal gifts. It might apply because she is there, even though you are not.

thejourney

dogsears wrote: »

OK so you would just want to check whether there is an issue in the country she is resident of, due to their limitation on spousal gifts. It might apply because she is there, even though you are not.

Contacted revenue and everything is good. Thanks for help