How much money can my parent gift me?

Hi Comur,

You have a way to go yet before you pay tax. The current lifetime threshold for gifts/inheritances from Parent to Child is 225k. (Separate thresholds apply for Aunties/Uncles, Brothers/Sisters, etc.).

The first 3k of each gift that you get from each person is exempt. So 7 years ago when you received 21k from your parents, the taxable gift was 15k (first 3k exempt from Father, first 3k exempt from Mother).

If you get 14k from Dad this time, another 11k goes onto the 15k previously received, total 26k and you have another 199k from parents (current tax law - these thresholds change over the years) before you pay tax.

You'll note it's better if the gift comes from Father & Mother (say from joint account), as you are able to avail of annual 3k exemption from both of them.

There are no tax implications for your father.
 
Hi Zacchaos,
Thanks a million for your reply. That is great it hear, big relief.

Cheers.
 
Back
Top