Tax implications if parent pays a lump sum off mortgage?

jigsaw

Registered User
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145
Hi guys,just have a quick question:

If a parent offers to pay a large sum of money(around 20k) directly to the bank off their childs mortgage is this seen as a gift by revenue even though the child will never directly see any of the money?

Any tax implications?

Thanks
 
Yes, it would be a gift, but as it's well under the threshold for CAT, there would be no immediate tax implications. It will count towards the thresholds, so if future gifts or inheritances exceed the threshold, tax will be payable.
 
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