Redundancy -?

xlogo · 25-03-2017 5:35pm #1

If I was made redundant for say 100k and I gave that to my children - would they be liable for tax or what is the best way to handle it?

CIARAN_BOYLE · 25-03-2017 5:37pm

xlogo wrote: »

If I was made redundant for say 100k and I gave that to my children - would they be liable for tax or what is the best way to handle it?

It would eat into the life time exemption threshold so they would be taxed more at a later date. If you have previously given no gifts to them there would be no tax at this time.

xlogo · 25-03-2017 6:15pm

CIARAN_BOYLE wrote:

It would eat into the life time exemption threshold so they would be taxed more at a later date. If you have previously given no gifts to them there would be no tax at this time.

Thanks but what's the life time exemption threshold?

CIARAN_BOYLE · 25-03-2017 6:19pm

xlogo wrote: »

Thanks but what's the life time exemption threshold?

It's the amount someone can receive in their lifetime as gifts without being taxed

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

Redundancy -?

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