Gift Tax

M

milamber

Registered User
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Ìs someone subject to gift tax in the following scenario

2004

A father gives his daughter €70k for the purchase of an apartment. Is the the father or the daughter subject to gift tax and if so what rate and roughly speaking - how much should they have paid?
 
Are either resident in ireland?

Has the daughter received gifts from her parents previously.
 
Both father and daughter were resident in Ireland and nobody died. The father simply gave the daughter 70k and put her name on a property to rent? my question is - what taxes apply and if so - at what rates?
 
Assuming:
Everyone concerned resident in Ireland,
No gifts/inheritances from either parent previously,

No gift tax at that time. It uses up €47k of the recipient's Group threshold, which at the time in 2004 would have been €456,438.

If you want a more certain answer you need to give more of the relevant facts.
 
milamber said:
I just checked and it appears that the amount was 47k not 70k
Click to expand...

The father simply gave the daughter 47k and "put her name on a property to rent"?

Can you try and make it simple? What does he "put her name on a property to rent" mean?

Does it mean:

a. He gave her money and she bought a property ?
b. He bought her ( gave her) a property and he put her name on the deeds? ( How passive can anybody be?)
c. He bought a property in his own name and she lives there rent free?

He can give her money as a gift without any tax liability - see this link for amounts and thresholds

http://www.revenue.ie/en/tax/cat/thresholds.html

mf
 
More facts.

Apartment bought by her and her dad. Her dad gave her 47k in effect and bought the apartment for 312k. this left 265k in mortgage and the mortgage is in both names until the mortgage reaches 100k - at that point - section 2 - special conditions stipulate that his name comes off. Also in special conditions - only her name is on the life assurance documents etc.
What are the implications?
 
So they bought the property 50:50. He effectively gave her €28,500 as her half of the deposit in 2004. The loan is 50:50?

She is paying the entire mortgage?

When it reaches €100k he is removed from the mortgage and transfers his 50% interest to her? Is this correct?
 
that is correct joe - but he put up the entire deposit. and he furnished it by buying furniture etc and writing off the stuff against his vat in his company
 
I will talk all day about it but simply put - I think it was illegal stuff from the beginning. Just my opinion
 
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