Gift Tax & Notification to Revenue

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taytoman

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I received 45K gift from my parent in 1997 to purchase my first home, and have subsequently received gifts in 2003 of 70k for an extension and 80K in 2008 to move home. I am thus well under the current 441K threshold for gift tax, or the 80% of 441K threshold for notifying revenue of gifts received. I have not received any other gifts / inheritances from other parents / relatives etc

Q : I understand that all of the above dates from 2001 on, and that different rules applied prior to 2001, which I can't find on Revenue Website. Does anyone know if there was a notification requirement prior to 2001, and what level or percentage this was at?
ie Was I supposed to notify Revenue in 1997 that I got the 45K, even though no payment of tax as I understand it was required?
 
Hi Taytoman
The notification requirement came into effect with the 1989 Finance Act (section 74). In 1997 the threshold amount for a gift/inheritance from a parent was 185,550 punts so you had no need to notify Revenue.
 
Thank you cdaly
Do you know what the "notification %" was from 1989-2001? I know it was 80% from 2001 on.
Thank you again for your help
 
The relevant percentage for 1989 to 2001 was also 80%. ( I have checked this in my old Institute of Taxation Summaries. )
 
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