Hi all...hope someone can tell me if I am going correct on my CAT calculation as follows
1. Received gift of €200k in 2007 less 2 small gift exemptions from parents = €194k.
2. Receive gift of €203k this year (2016) less 1 small gift exemption from parent = €200k.
My CAT calculation for this year;
A. Current Benefit €200k+€194k=€394k - €280k = €114k@33%=€37,620
B. Prior Benefit €200-€280k=-€80k@33%=NIL
A-B=€37,620-NIL=€37,620
Seem correct?
I think I am right...seems unfair though as people receiving previous larger gifts benefit from the reduction in the tax threshold from over €500k to €280k.
1. Received gift of €200k in 2007 less 2 small gift exemptions from parents = €194k.
2. Receive gift of €203k this year (2016) less 1 small gift exemption from parent = €200k.
My CAT calculation for this year;
A. Current Benefit €200k+€194k=€394k - €280k = €114k@33%=€37,620
B. Prior Benefit €200-€280k=-€80k@33%=NIL
A-B=€37,620-NIL=€37,620
Seem correct?
I think I am right...seems unfair though as people receiving previous larger gifts benefit from the reduction in the tax threshold from over €500k to €280k.