Cash gift

B

Brownieb

Guest
Received a cash gift of €2500 from a relative in December 2011 as a Christmas gift. Relative is in receipt of state non contributory pension as only means of income, is the holder of a small current account with a building society and is not liable for any income tax. I would like to put the cash into my small savings account in the bank for a rainy day. I understand i can receive a gift of 3000e per year but my question is ...does my relative or myself need to inform the revenue authorities or will the bank advise them if i lodge the cash to my account?
 
no need to tell revenue....bank might as tell them part of anti money laundering screening, but unlikely given the amount
 
Macstuff said:
Does anyone know the limit / cash amount at which the banks inform the revenue?
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Why don't you phone the bank and ask them? Or phone Revenue and ask them? ;)

I hope this question isn't related to your other one this morning about your friend who wants to bring €50k in from Sth America... :D

I won't comment on what the limits might be, but the bank would also be likely to report on an unusual pattern or sequence of transactions, so let's say the limit is 5k, if Joe Bloggs knows this and lodges 4,500 per week for the next 11 weeks, or even per month, the bank may report it...
 
Thanks Mandelbrot! Yeah the question is re my buddy bringing in money from South America, as I said in my other post, he doesn't mind paying the tax due but isn't sure when it'll fall due.....
 
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