Not if this gift combined with any previous CAT group A gifts/inheritances doesn't exceed 80% of the group A exemption threshold - i.e. 80% of €400K = €320K. If it does then a CAT return must be filed.My question is if there would be any tax implications.
If you get a gift or inheritance, then you are responsible for paying any Capital Acquisitions Tax that is due.
You must make a tax return if the total value of gifts and inheritances you get in one of the groups (A, B or C) since 5 December 1991 is more than 80% of the tax-free threshold for that group.
Didn't you read my reply and the link that I posted?so I guess that although there is no tax I would need to declare it to Revenue somehow?
You should have mentioned that originally. There may or may not be Spanish tax implications arising from such a gift. You should search Askaboutmoney for existing threads on this and maybe also get independent professional cross jurisdictional tax advice.Also, my mother lives in Spain
My question is if there would be any tax implications. As I understand there is none as it is below the threshold, but I always thought, probably incorrectly, that the threshold was only for inheritance
I guess my confusion comes from the 3000 a year gift tax free. Why would there be such a provision if my parents can give me any gift below 400k tax free at any stage before death? Unless, of course, those 3000 a year do not count for the total 400k threshold.
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?