I think I know the answer to this but thought I'd check anyway. If the tax free threshold for CAT is reduced in Budget 2012 (which it could well be) and as a result a person's aggregated prior gifts/inheritances from a particular group are then >80% of the new threshold, does an IT38 have to be submitted to Revenue.
I don't think it does. I think in the above case, the 80% rule would only come into play for subsequent (i.e. post Budget) gifts or inheritances from the group in question.
Apologies if this question should have gone in a different forum. I've just seen that there is one for Wills Inheritances and Gifts.
I don't think it does. I think in the above case, the 80% rule would only come into play for subsequent (i.e. post Budget) gifts or inheritances from the group in question.
Apologies if this question should have gone in a different forum. I've just seen that there is one for Wills Inheritances and Gifts.