CAT

My daughter was gifted money from my uncle, amount bringing her over 15k threshold, is capital acquisitions a self declared tax? Money was lodged into a newly opened bank account. What are chances of it going unnoticed if its not declared? Would it be an option to lodge 15k into new acc, balance into mine and they I can transfer back to her to avoid paying tax?

fsc said:

My daughter was gifted money from my uncle, amount bringing her over 15k threshold, is capital acquisitions a self declared tax? Money was lodged into a newly opened bank account. What are chances of it going unnoticed if its not declared? Would it be an option to lodge 15k into new acc, balance into mine and they I can transfer back to her to avoid paying tax?

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Yes, if you're going to dabble in tax evasion you may as well partake in money laundering while you're at it too...

Jon Snow said:

Yes, if you're going to dabble in tax evasion you may as well partake in money laundering while you're at it too...

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Why bother taking the time to reply like this??? If you have nothing constructive to say just keep your opinion to yourself

fsc said:

Why bother taking the time to reply like this??? If you have nothing constructive to say just keep your opinion to yourself

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I think it's very constructive - I'm letting you know, in case you didn't realise it, that you've come online to a reputable consumer forum to seek advice on how to evade tax and launder money. How did you expect this would go down?

Agreed.

There are legimate ways to avoid CAT, that's what you should ask about.

Tax evasion is why we have hospital waiting lists.

You would not want to cause more waiting lists, would you?

As a paye worker I have always paid my taxes, I dont think hospital waiting lists are down to me. But perhaps Protocol you are right, I should have clarified that I was looking for advise on legitamate way to avoid it. I know this is not the place to start the topic but my uncle also payed his taxes as he earned this money so in a sense it feels like its being taxed twice if my daughter has to pay tax on it

Yes, that's valid.

You pay income tax on earnings, and then accumulated earnings may be subject to CAT if transferred.

P.S some people call for an 100% CAT rate, for social justice reasons.

The first €3,000 in gifts received by an individual in any given year are exempt from CAT.

It's definitely safer to ensure that available exemptions etc are utilised than to attempt to dodge any tax.