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Parents gifting from abroad

  • 02-11-2021 9:08am
    #1
    Vladi_
    Registered Users, Registered Users 2 Posts: 85 ✭✭


    Hi. We're planning to start house hunt in about 6 months. My mother (from abroad) want to gift us around 30.000€. Am I correct in saying that's CAT exempt? Information I have found confused me and also doesn't mention what if a parent is not in Ireland. Would it be better to transfer the money asap or when we're in the buying process already? Thanks.



Comments

  • #2
    Gruffalo22
    Registered Users, Registered Users 2 Posts: 116 ✭✭Gruffalo22


    You are resident in Ireland so liable to tax on worldwide income.

    With CAT small gift exemption you can receive 3k per year without using up your tax free threshold. Your mother should give u and your partner 3k each now (6k total) and same again in the new year. Your father could do the same for a total of 24k without using up your tax free threshold



  • #3
    Viscount Aggro
    Registered Users, Registered Users 2 Posts: 1,340 ✭✭✭Viscount Aggro


    1. This is not "Income"
    2. Lifetime CAT allowance from a parent is currently 335K


  • #4
    Gruffalo22
    Registered Users, Registered Users 2 Posts: 116 ✭✭Gruffalo22


    Yes it falls under CAT for gifts and inheritances. Again liable to tax on worldwide income, gifts and inheritances



  • #5
    Vladi_
    Registered Users, Registered Users 2 Posts: 85 ✭✭Vladi_


    https://www.boards.ie/discussion/comment/118108418#Comment_118108418

    My father is deceased so not an option.

    https://www.boards.ie/discussion/comment/118108440#Comment_118108440

    I know it's not income. Yeah, that's what I wanted to make sure I've understood correctly that it's 335K.



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