Giving my GF 5k - That I owe to her

GooglePlus · 31-01-2020 10:30am #1

I'm looking to pay my GF a 5k lump payment that I owe her for things here and there over the course of a year. She was nice enough to help me out when I was in between jobs.

This money is rightfully hers but I never considered the tax implications of providing her with such a large sum of money.

Is there a way that I can give her 5k without her owing tax on it. This would have been her earned money when given to me, which would have already had tax paid on it.

Salary Negotiator · 31-01-2020 10:32am

If you owe her the money then it's not a gift and no tax is due.

Heres Johnny · 31-01-2020 10:34am

Once you are not in Revenues offices in front of a go getter when you hand it to her you will be grand!!!

Come on buddy, just give her the money back and say nothing. Its not taxable anyway nobody has any interest in taxing this

realdanbreen · 31-01-2020 10:39am

GooglePlus wrote: »

I'm looking to pay my GF a 5k lump payment that I owe her for things here and there over the course of a year. She was nice enough to help me out when I was in between jobs.

This money is rightfully hers but I never considered the tax implications of providing her with such a large sum of money.

Is there a way that I can give her 5k without her owing tax on it. This would have been her earned money when given to me, which would have already had tax paid on it.

Can you not give her it in cash?

Bogwoppit · 31-01-2020 10:41am

If you want to stay extra safe then give her 3k this year and the rest next year. Will fall under the gift allowance threshold.

GooglePlus · 31-01-2020 10:49am

Thanks guys.

I'm probably overthinking it.

So, if I transfer her 5k, I should be fine?

Or send 3k and give her 2k cash that she could eat into for living?

realdanbreen · 31-01-2020 11:23am

GooglePlus wrote: »

Thanks guys.

I'm probably overthinking it.

So, if I transfer her 5k, I should be fine?

Or send 3k and give her 2k cash that she could eat into for living?

Seriously, you owe her money, can you not just give her cash?

GooglePlus · 31-01-2020 11:28am

realdanbreen wrote: »

Seriously, you owe her money, can you not just give her cash?

I'm aware I owe her money and I'm paying every cent of it back but I'm sure she'd rather not be handed 5k in cash to be fair.

Might have suited her back 15 years or more but I don't think I can remember the last time she paid for anything with physical notes.

lalababa · 31-01-2020 11:31am

Transfer to her a/c if you both have the horn for that kind of thing, but you can write in the transfer.... repayment of loan.:)

realdanbreen · 31-01-2020 11:35am

GooglePlus wrote: »

I'm aware I owe her money and I'm paying every cent of it back but I'm sure she'd rather not be handed 5k in cash to be fair.

Might have suited her back 15 years or more but I don't think I can remember the last time she paid for anything with physical notes.

Well you know her best but if someone owed me money I would prefer they paid me in cash and be done with it rather than dragging it out and making a big deal of it.

Creamy Goodness · 31-01-2020 11:40am

realdanbreen wrote: »

Well you know her best but if someone owed me money I would prefer they paid me in cash and be done with it rather than dragging it out and making a big deal of it.

What are you on about?

The OP said he wants to pay it back, and surely the method he pays it back will be the same way he got the money in the first place. cash is pretty much dead except for taxi drivers and handymen. It's infinitely easier to lodge it in her account.

He's also just making sure he/she is not liable for any tax. Not everyone posting here will be an expert.

StupidLikeAFox · 31-01-2020 11:52am

Set up an offshore company in the Cayman Islands and lodge the money to this bank account. This company needs to be wholly owned by a partnership in Belize, which is in turn a subsidiary of a perpetual trust in Dakota. Appoint your girlfriend as a trustee of this fund. The tricky part will be spending the 5k unnoticed, but Revenue shouldn't be able to trace it anyway

realdanbreen · 31-01-2020 11:55am

Creamy Goodness wrote: »

What are you on about?

The OP said he wants to pay it back, and surely the method he pays it back will be the same way he got the money in the first place. cash is pretty much dead except for taxi drivers and handymen. It's infinitely easier to lodge it in her account.

He's also just making sure he/she is not liable for any tax. Not everyone posting here will be an expert.

Hold on a minute. He owes her money going back a year. He need have no worries about tax or anything else if he just puts the money ( it's 5k for God's sake, it will fit in her handbag!)in her hand. I know I would be less than impressed, particularly if it was my girlfriend., if this was dragging on like some kind of business deal.

Creamy Goodness · 31-01-2020 12:04pm

realdanbreen wrote: »

Hold on a minute. He owes her money going back a year. He need have no worries about tax or anything else if he just puts the money ( it's 5k for God's sake, it will fit in her handbag!)in her hand. I know I would be less than impressed, particularly if it was my girlfriend., if this was dragging on like some kind of business deal.

that was the whole point of him opening the thread, he didn't know if he needed to worry or not, he's not an expert and got his answer in the first post.

If I was his girlfriend I'd be pissed if I got it back in cash. cash is risky, he could be robbed on way home from the bank, she could be robbed, the home could be robbed.

it's 2020, cashless is better in this scenario.

GooglePlus · 31-01-2020 12:12pm

realdanbreen wrote: »

Hold on a minute. He owes her money going back a year. He need have no worries about tax or anything else if he just puts the money ( it's 5k for God's sake, it will fit in her handbag!)in her hand. I know I would be less than impressed, particularly if it was my girlfriend., if this was dragging on like some kind of business deal.

Just to be clear, this money was given to me by my GF and the intention was that it would be paid back a year later. I'm not trying to do my own girlfriend out of money or create unnecessary obstacles, I just wanted to be sure.

She's a very understanding person and would not be unimpressed with me for ensuring that she isn't stung for anything before I give the money to her.

I started the thread for specific advice on the tax situation and many thanks to those who were helpful.

realdanbreen · 31-01-2020 12:32pm

GooglePlus wrote: »

Just to be clear, this money was given to me by my GF and the intention was that it would be paid back a year later. I'm not trying to do my own girlfriend out of money or create unnecessary obstacles, I just wanted to be sure.

She's a very understanding person and would not be unimpressed with me for ensuring that she isn't stung for anything before I give the money to her.

I started the thread for specific advice on the tax situation and many thanks to those who were helpful.

That's fair enough then but did you seriously think that if you popped the money in her handbag tonight there would be tax implications? As for the guy who had fears she might be robbed, I will be in leopardstown tomorrow and Thurles next week and there willi be lads walking around with multiples of what you owe without getting all wound up about it.

GooglePlus · 31-01-2020 12:35pm

realdanbreen wrote: »

That's fair enough then but did you seriously think that if you popped the money in her handbag tonight there would be tax implications? As for the guy who had fears she might be robbed, I will be in leopardstown tomorrow and Thurles next week and there willi be lads walking around with multiples of what you owe without getting all wound up about it.

Of course I don't think there would be tax implications with giving her 5k cash, as it's out of sight the minute it's taken out of my bank but that's not an option for us, she won't want 5000 cash handed to her like that.

As for Leopardstown, that is a horse racing event where cash is passed around for betting. Not exactly an everyday scenario.

DankeyKang · 31-01-2020 12:35pm

Your girlfriend loaned you €5k interest free. You're now paying her back. There was a "gift" to you when you benefited by not paying any interest. The value of the benefit is the rate of return the funds would generate if they were invested on deposit. The gift to you is well below the €3k annual small gift threshold so no tax is due. Transfer the €5k into her account in full and be done with it.

Grassey · 31-01-2020 12:36pm

I can't believe nobody has suggested ye get married yet.

Bojill · 31-01-2020 12:38pm

realdanbreen wrote: »

That's fair enough then but did you seriously think that if you popped the money in her handbag tonight there would be tax implications? As for the guy who had fears she might be robbed, I will be in leopardstown tomorrow and Thurles next week and there willi be lads walking around with multiples of what you owe without getting all wound up about it.

He was asking about possible tax implications.
He has his answer.
You would have given cash, we get it.

realdanbreen · 31-01-2020 12:41pm

It's threads like this that make me fear for our manhood going forward.

StupidLikeAFox · 31-01-2020 12:45pm

realdanbreen wrote: »

It's threads like this that make me fear for our manhood going forward.

Its comments like this that make me feel for our manhood

irelandrover · 31-01-2020 12:47pm

realdanbreen wrote: »

It's threads like this that make me fear for our manhood going forward.

He doesn't want to pay it in cash, his girlfriend doesn't want to receive it in cash. Yet you keep telling him to just pay her cash. I don't think he's the problem in this thread.

Creamy Goodness · 31-01-2020 12:50pm

Let's not feed the peaky blinder troll

GooglePlus · 31-01-2020 12:51pm

I had absolutely no problem with getting a financial helping hand from my GF of 7 years, as she was in a position to do so.

I'd do and probably will do the exact same for her in the future and maybe she'll help me out again because we work together.

buzzing147 · 31-01-2020 12:55pm

Christ just hand her the money, dragging it out talking about revenue and banks, it's not 500,000 it's only 5k. Give it to her and tell her to fill the fridge