Do the CAT thresholds apply when the giver is alive

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geri

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Do the same CAT thresholds apply whether the giver is alive or deceased.

Grandchild: 32,500
Anyone else 16,250

Sorry could not see the specific answer here or on citizens information. A person wants to gift some money and would like to know the tax implications.

Thanks,

Geri
 
Sorry, one more question. If the full amount is given, e.g 32,500 to a grandchild, does a tax return still need to be done?
Geri.
 
How is an ordinary person meant to know anything?

The information is readily available on many websites, in many books on personal finance, reported in newspaper columns from time to time, ...
 
I’d say there are many people who wouldn’t know about that 80% rule. They are the people who wouldn’t be browsing personal finance books, or reading the finance columns in the paper.
 
geri said:
I’d say there are many people who wouldn’t know about that 80% rule. They are the people who wouldn’t be browsing personal finance books, or reading the finance columns in the paper.
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Perhaps, but given the sums involved (in the hundreds of thousands) then ignorance of the rules would not be a suitable defence.
 
geri said:
Thanks mf.
How is the ordinary person supposed to know all this????
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As our legal friends who enjoyed their golf outing in Clifden would say "ignorance of the law is no excuse"
I would say that there is a lot of gifts of money being given that are not notified if above the 80%. The problem is that if discovered by Revenue the penalties are severe. That is why it is worth it to get good financial planning from an accountant
 
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