LocationStation
New Member
- Messages
- 6
Thank you.It all sounds ok apart from the €3K to the child. You would need to keep that for the child and not use it as a mechanism to get a tax free €3K gift for the parents. If your mum is able to give both you and your spouse €3K each, then that would be €12k small gifts, and the remaining €8K gift to your wife is tax free as you said. Your Dad and Mum can use the same source of funds.
A signed note between you would be sufficient to record as a gift.
Are you too late for tax year 2023.
...my Father is going to gift my wife & I €20k for a house deposit.
That doesn't answer the question if the gift can be backdated to 2023 for tax purposes.
If it's legal is it dishonest.Backdating in such a manner is dishonest and illegal.
False accounting and tax evasion are both serious criminal offences that could land the perpetrator in prison.If it's legal is it dishonest.
False accounting and tax evasion are both serious criminal offences that could land the perpetrator in prison.
While this is strictly speaking a factually correct statement, it's factually correct in the same way as me saying that not wearing your seat belt to drive half a mile down the road once could get you killed. It could, but it almost certainly won't.
I very much doubt that anyone does this ever.Of course, as there is no obligation to document small gifts, I have no doubt that a certain amount of "backdating" occurs all the time
Well in a really hypothetical situation where someone wanted to give me 20K I'd be backdating 8K of it to 2023. Which is good tax planning in my book.
Well I'm not really into the morality of it really. More into the practicality of how an ordinary parent helping their child can go about it as best they can. There are far bigger things to worry about as regards dishonesty like pension raids by government (Michael Noonan) or immoral actions of revenue in chasing some things (see UK HMRC actions as regards taxation of child allowance) than I can be bothered about a parent putting 8K into 2023 instead of 2025. OP can make up their own mind as to their 'morals' on this situation. They have the advice now and can act accordingly.No, it’s dishonest, immoral, and illegal.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?