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Gift Tax

GetWithIt · 2020-10-08 19:32:00

I intend to gift the CAT limit of €32.5k to my sister. Do either of us need to complete any forms given this is below the level at which liability is incurred? No other Group gifts made or received by either party. I assume bank transfer will raise a flag but what then?

08-10-2020 7:32pm

#1

GetWithIt

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I intend to gift the CAT limit of €32.5k to my sister. Do either of us need to complete any forms given this is below the level at which liability is incurred? No other Group gifts made or received by either party.

I assume bank transfer will raise a flag but what then?

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Comments

#2 08-10-2020 7:53pm

Stratvs

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https://www.revenue.ie/en/gains-gifts-and-inheritance/completing-your-gift-or-inheritance-tax-return-it38/how-do-you-know-if-you-should-file.aspx

Guidance on what to do at link above.

Once 80% of the relevant threshold has been reached/exceeded ( as seems the case with you ) the recipient should file.

Bear in mind you can take off the annual small gift exemption of €3k so the gift for CAT is €29.5k. That is still over 90% of the threshold so filing is still required.

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