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CAT as a stepchild

  • 10-03-2018 10:39am
    #1
    Westwood
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭


    Hi All
    Quick one. My biological father never married my mother and she remarried later in life. My question is in the eyes of the tax man am I legally his stepchild. We don't share the same surname nor has their ever been anything legally drafted up. If I was to recieve a money gift from my mother's husband would I be subject to capital acquisitions tax.
    Thanks in advance


Comments

  • #2
    TiGeR KiNgS
    Registered Users, Registered Users 2 Posts: 1,435 ✭✭✭TiGeR KiNgS


    Westwood wrote: »
    Hi All
    Quick one. My biological father never married my mother and she remarried later in life. My question is in the eyes of the tax man am I legally his stepchild. We don't share the same surname nor has their ever been anything legally drafted up. If I was to recieve a money gift from my mother's husband would I be subject to capital acquisitions tax.
    Thanks in advance

    Yes, you would be subject to CAT.
    How much is the cash amount ? this will determine your tax planning.

    Make a one time nomination who is your father.
    I can't see RC having a problem with this.


  • #3
    Westwood
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭Westwood


    Thanks, the amount is 26k given as a gift twords a deposit for a house. In hindsight him giving it to my mother and then her sending it to me would have been the logical thing to do as it would be covered in category A. I really can't afford to pay CAT on this as I would be short for the deposit. This is currently resting in my account. Should I send it back right away?


  • #4
    scheister
    Registered Users, Registered Users 2 Posts: 1,310 ✭✭✭scheister


    Westwood wrote: »
    Thanks, the amount is 26k given as a gift twords a deposit for a house. In hindsight him giving it to my mother and then her sending it to me would have been the logical thing to do as it would be covered in category A. I really can't afford to pay CAT on this as I would be short for the deposit. This is currently resting in my account. Should I send it back right away?

    The fact the gift is coming from your mothers spouse. i think for gift tax you are deem their child as well so it would be CAT A


  • #5
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,989 ✭✭✭✭Peregrinus


    scheister wrote: »
    The fact the gift is coming from your mothers spouse. i think for gift tax you are deem their child as well so it would be CAT A
    Yes. "Child", in the Capital Acquisitions Tax Act, includes a stepchild. So the OP is the "child" of his mother's husband.


  • #6
    c.p.w.g.w
    Registered Users, Registered Users 2 Posts: 4,998 ✭✭✭c.p.w.g.w


    Westwood wrote: »
    Thanks, the amount is 26k given as a gift twords a deposit for a house. In hindsight him giving it to my mother and then her sending it to me would have been the logical thing to do as it would be covered in category A. I really can't afford to pay CAT on this as I would be short for the deposit. This is currently resting in my account. Should I send it back right away?

    26k exactly...Any links to coastal towns in Cork?


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