Unknown_Joe
New Member
- Messages
- 4
5k tax on 350k gift is way to much tax to pay in a modern country for all the free services we receive!!!Hi Joe.
‘No’ is the short answer, because that would be tax fraud.
In your own words, you received a gift, so retrospectively recharacterising it as a loan is sailing too close to the wind.
Gordon
Hi Gordon,Hi Joe.
‘No’ is the short answer, because that would be tax fraud.
In your own words, you received a gift, so retrospectively recharacterising it as a loan is sailing too close to the wind.
Gordon
It depends on what "retrospectively" is here.In your own words, you received a gift, so retrospectively recharacterising it as a loan is sailing too close to the wind.
I think a four-month delay in formally agreeing a loan within a family would not be seen as unusual. Child in a panic needs funds to clear a sale, parent makes transfer in a hurry. Once the dust settles they reflect and formalise the arrangement.If I gave you an apple in January, it’s sharp practice to pretend it’s an orange in May.
Maybe in Fianna Fail circa 1986.I think a four-month delay in formally agreeing a loan within a family would not be seen as unusual. Child in a panic needs funds to clear a sale, parent makes transfer in a hurry. Once the dust settles they reflect and formalise the arrangement.
In the OP's shoes I would just pay the €5k CAT so as not to invite further scrutiny of my tax affairs. But the scenario I described above would not be unusual.
I have received a cash gift of 100k and a property that has been valued at 250k, bringing me over the threshold of 335k (individual yearly gift allowance of 3k per parent accounted for). I intend to send back 15k prior to the completion of my tax return
How would it be tax fraud?. Don't the multinationals structure things within the realms of legality to reduce their bill to near zero.Hi Joe.
‘No’ is the short answer, because that would be tax fraud.
In your own words, you received a gift, so retrospectively recharacterising it as a loan is sailing too close to the wind.
Gordon
Free services? Are you having a laugh?. We pay through the nose for everything. I paid 30k in cgt last year and spent 38 hours waiting in A&E last week. Some bang for my buck there.5k tax on 350k gift is way to much tax to pay in a modern country for all the free services we receive!!!
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