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Gifting money to my brother

  • 01-06-2017 8:48pm
    #1
    Klinger
    Registered Users, Registered Users 2 Posts: 13 ✭


    I would like to gift an amount of money to my brother. What is the most I can give him, without creating a tax liability for either of us?

    Many Thanks


Comments

  • #2
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    Klinger wrote: »
    I would like to gift an amount of money to my brother. What is the most I can give him, without creating a tax liability for either of us?

    Many Thanks

    Anything over €32,500 will trigger a CAT liability for him. You can gift €3,000 to him per year without affecting the above threshold.

    No CGT on your side for cash gift.


  • #3
    wendydoll
    Registered Users, Registered Users 2 Posts: 436 ✭✭wendydoll


    you can gift a sibling up to 32,500 without tax as part of group B under the Capital Acquisitions Tax


  • #4
    Klinger
    Registered Users, Registered Users 2 Posts: 13 ✭Klinger


    Is that a once in a lifetime gift of 32,500? Or could I give multiple gifts over several years of this amount?


  • #5
    davo2001
    Registered Users, Registered Users 2 Posts: 3,337 ✭✭✭davo2001


    Klinger wrote: »
    Is that a once in a lifetime gift of 32,500? Or could I give multiple gifts over several years of this amount?

    Hi, I'm your long lost brother!


  • #6
    Allah snackbar
    Banned (with Prison Access) Posts: 161 ✭✭Allah snackbar


    davo2001 wrote: »
    Hi, I'm your long lost brother!

    Bastard , beat me too it :D


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  • #7
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    Klinger wrote: »
    Is that a once in a lifetime gift of 32,500? Or could I give multiple gifts over several years of this amount?

    Once in a lifetime.

    The €3k exemption is annual though. If you're married, you could gift him €3k & you're wife/husband could gift him €3k per year.


  • #8
    hjr
    Registered Users, Registered Users 2 Posts: 566 ✭✭✭hjr


    And if he's married, his wife would fall into Group C, which is around 15,000 lifetime gift....


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