Sorry, please ignore what I said as I misread your comment that the gift was from your brother, not your brother in law. Hence I deleted it.What a relief. Thank you so much. Maybe my brother- in law had it all worked out when he gave me the money. Thanks again Mr McGibney.
Hello Mugsgame. Yes , the money was lodged directly in to our joint account ( me and the wife’s). He wanted to help me out with a small carpentry business I was starting up. Are you saying I could claim that me and my wife received €25 thousand each ? Tbh I hadn’t seen it that way.Was it received into a joint account? Are you sure the gift was from your brother-in-law to yourself, and not perhaps to your spouse? Or did they also receive a similar gift?
Historical CAT rates are at https://www.revenue.ie/en/gains-gif...regation-rules/historical-cat-thresholds.aspx . Siblings would be in Group B.
Is it also possible that your brother-in-law intended to gift you only the first €24,841 and lend you the balance which would have been subject to gift tax, and then generously wrote off some of the capital and interest each year using the annual small gift exemption of €3000 ?
You also have the 3k gift exemption for both you and your wife for the yr in question.Hello Mugsgame. Yes , the money was lodged directly in to our joint account ( me and the wife’s). He wanted to help me out with a small carpentry business I was starting up. Are you saying I could claim that me and my wife received €25 thousand each ? Tbh I hadn’t seen it that way.
I'm not an accountant or a tax expert, but I'd be morally comfortable with that interpretation, and I think Revenue would be hard pressed to challenge it. Unless either of you have received other gifts from Group B/C - I think it's a lifetime limit across all benefactors.Hello Mugsgame. Yes , the money was lodged directly in to our joint account ( me and the wife’s). He wanted to help me out with a small carpentry business I was starting up. Are you saying I could claim that me and my wife received €25 thousand each ? Tbh I hadn’t seen it that way.
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