Gift tax question

E

Eldrew

Registered User
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8
Hi

If a minor receives a gift from a relative which exceeds the threshold, who is responsible for
paying the due tax on this?

Also, does it make any difference re CAT if this gift is lodged into a bank a/c belonging to the minor in another EU country?

Thanks
 
Anyone? Must be someone out there with an idea/opinion re this!?
Will be getting professional advice but just looking for some informed opinion first thanks
 
Not an expert on this by any means, I would say the recipient pays the tax minor or not. Why not split the gift over a few years with each years gift coming within the threshold.
Is the minor living in ireland. If living abroad the rules of that country may apply
 
I would imagine that the person responsable for the minor (parent, guardian) would be responsable for filing the CAT 38
The revenue website says
The primary responsibility for making the return and paying any tax due rests with the beneficiary (i.e. the person who receives the gift or inheritance). A number of other parties can have secondary liability, e.g. the personal representative in the case of an inheritance. In inheritance tax cases, the return is often filed, on behalf of the beneficiary, by the personal representative. In the case of a voluntary transfer (gift), the disponer, i.e. the person making the gift is secondarily liable.
Click to expand...

It would not make a difference where the account was held
 
Thanks for the reply. Minor lives in Ireland but relative does not. Not an option to split the gift over different years unfortunately.
How can the minor be expected to do a tax return - are the parents responsible?
 
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