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CAT Tax Free Allowance

  • 02-01-2019 8:07pm
    #1
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭


    If someone wanted to give you a gift and you wanted to take it from your lifetime CAT tax free allowance for that "Group" A Parents, B Sibling etc.

    How do you go about this. Is there some way to report it, or how do Revenue keep track?


    Am I reading correctly that its self assessed and you don't have to report until you reach 80% of that group threshold. This seems so ...unofficial?
    How can someone gift you a large amount, even if it is within your allowance, and nobody question it? How can you keep record of this and prove it in future. There has to be something more official about this.


Comments

  • #2
    stormpiper
    Registered Users, Registered Users 2 Posts: 42 ✭stormpiper


    That's actually correct. Our whole tax system is based on self reporting. Don't worry though, Revenue will have a record of it from the corresponding Capital Gains Tax return filed.


  • #3
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    stormpiper wrote: »
    Revenue will have a record of it from the corresponding Capital Gains Tax return filed.


    Thanks for the reply. Not sure about this part though whats this for?


  • #4
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Madisyn Young Skit wrote: »
    Thanks for the reply. Not sure about this part though whats this for?

    No sure why the poster was bringing in CGT as nothing in your opening post indicates a CGT event.

    CAT is a self assessed tax meaning you must declare when it's appropriate to do so. Revenue have access to lots of third party information relating to assets, including suspicious transactions in bank accounts. This information is run through Revenues risk analysis system which depending on the risk indicators may be pulled for an intervention.


  • #5
    stormpiper
    Registered Users, Registered Users 2 Posts: 42 ✭stormpiper


    relax carry on wrote: »
    No sure why the poster was bringing in CGT as nothing in your opening post indicates a CGT event.

    Ah sorry. All I meant was that whoever is making the gift would undoubtedly have to declare it, so that's the way Revenue would pick it up. On the other side, so to speak.


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