Gift tax to family members living in Canada

[JJ1966]

I wish to transfer a monetary gift to my brother and his children who live in Canada.

As far as I can establish there is an exemption of €32,500 per individual for my brother and each of his children and once the amount is below that limit there is no tax liability under Irish tax law. Canada has no gift tax whatsoever.

All I need to do is simply transfer the money!

Is this correct??

thanks in advance for any advice received.

 

[ClubMan]

As far as I can establish there is an exemption of €32,500 per individual for my brother and each of his children and once the amount is below that limit there is no tax liability under Irish tax law.

That's correct as far as the Irish Capital Acquisitions Tax group B threshold goes.

CAT groups and group thresholds

This page explains thresholds, rates and aggregation rules for calculating Capital Acquisitions Tax

www.revenue.ie

I'm not sure if the Irish CAT Tax rules are relevant at all or are moot if/when the beneficiary is not assessable for Irish taxes?

 

[deadlyduck]

I'm not sure if the Irish CAT Tax rules are relevant at all or are moot if/when the beneficiary is not assessable for Irish taxes?

Taken from paragraph 1.2 of the Revenue Commissioner's CAT guide:

Where, at the date of the gift or inheritance, either the disponer or the beneficiary is resident or ordinarily resident in Ireland, worldwide assets comprised in a gift or inheritance are liable to Irish CAT.
If neither the disponer nor the beneficiary is resident or ordinarily resident in Ireland, at the date of the gift or inheritance, CAT will apply to assets situate in the State only.

 

[ClubMan]

Thanks @deadlyduck!