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Buying a car for gf

  • 17-06-2017 9:08am
    #1
    Fol20
    Registered Users, Registered Users 2 Posts: 3,627 ✭✭✭


    Hi guys,

    I was wondering if i wanted to buy my gf a car that might be worth about 10k, how do i go about doing it. Most insurance companys wont allow her to be insured unless she owns the car however i was thinking she could buy it off me for like 1k or something.

    What do other people do as this must be something that can come up from time to time.


Comments

  • #2
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,522 ✭✭✭✭colm_mcm


    She just needs to be the registered owner really.


  • #3
    Fol20
    Registered Users, Registered Users 2 Posts: 3,627 ✭✭✭Fol20


    Would i not need to pay some form of tax on that then?.


  • #4
    GustavoFring
    Registered Users, Registered Users 2 Posts: 3,076 ✭✭✭GustavoFring


    Nope. All bills regarding the car go to her name after purchase too.


  • #5
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,763 ✭✭✭✭Atlantic Dawn
    M


    You just put her name on the logbook when buying the car, simple.


  • #6
    Brian Scan
    Registered Users, Registered Users 2 Posts: 2,995 ✭✭✭Brian Scan


    Fol20 wrote: »
    Would i not need to pay some form of tax on that then?.

    If you give your GF a gift of, or worth, €10 k she would be liable to gift tax (CAT) on that. There is an annual small gift exemption of €3k, this would mean that she would be liable to tax at 33% on €7k.

    This is to the best of my understanding, someone more qualified might clarify.


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  • #7
    jon1981
    Registered Users, Registered Users 2 Posts: 4,359 ✭✭✭jon1981


    Sell it to her for 1 euro?


  • #8
    Nekarsulm
    Registered Users, Registered Users 2 Posts: 11,264 ✭✭✭✭Nekarsulm


    Unless she gets caught up in a Revenue Audit , how would she even be assessed for this tax?


  • #9
    bee06
    Registered Users, Registered Users 2 Posts: 4,514 ✭✭✭bee06


    Brian Scan wrote: »
    If you give your GF a gift of, or worth, €10 k she would be liable to gift tax (CAT) on that. There is an annual small gift exemption of €3k, this would mean that she would be liable to tax at 33% on €7k.

    This is to the best of my understanding, someone more qualified might clarify.

    There is also a lifetime gift "allowance" which in this case would be €16250 (category C) so overall she wouldn't have to pay CAT but she would only have €9250 left for future lifetime gifts from category C people.


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