Inheritance & Revenue issue with giver

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peggybetty

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A month ago my grandfather gave me a gift of money, said it was my share of the inheritance and he wanted to divide it out to all of the kids & grandkids before he died. I was delighted but found out yesterday that his tax affairs are not in order and he owes Revenue money (OK I don't want to get into the legality or morality of what he did, I accepted the gift in good faith).

My question is if he does not have enough money left to pay Revenue what they are owed, can they try to get the money off me? I have spent most of the money he gave me.
 
There is no inheritance here, your grandfather has given you some of his money, for taxation purposes it is called a Gift. He can give you up to €30,150 without you having any tax liability on it (called capital aquisitions tax - CAT).

You are not liable to pay any of your grandfather's tax or whatever he may owe to Revenue.

http://www.revenue.ie/en/tax/cat/thresholds.html
 
STEINER said:
There is no inheritance here, your grandfather has given you some of his money, for taxation purposes it is called a Gift. He can give you up to €30,150 without you having any tax liability on it (called capital aquisitions tax - CAT).

You are not liable to pay any of your grandfather's tax or whatever he may owe to Revenue.

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

could revenue make a case that the money was gifted to avoid it being handed over to pay what is owed ?
 
Thanks for the replies, you hit the nail on the head Bullworth.

If Revenue took the stand that he gave us all money to avoid tax where would this leave us? At the time I thought it was a wonderful gesture to give us the money, as I said taken in good faith.

I have no idea what way his finances or tax affairs are, my (selfish) concern is that I have spent most of the money fixing up my house and I would not be able to pay revenue back any time soon.
 
peggybetty said:
Thanks for the replies, you hit the nail on the head Bullworth.

If Revenue took the stand that he gave us all money to avoid tax where would this leave us? At the time I thought it was a wonderful gesture to give us the money, as I said taken in good faith.

I have no idea what way his finances or tax affairs are, my (selfish) concern is that I have spent most of the money fixing up my house and I would not be able to pay revenue back any time soon.
Click to expand...

are there any developments to this case ? Frankly I can see both sides. Potential fraud and also the quandary one can be placed into when one innocently receives a gift from a trusted relative. Should access to all future gifts from somebody legally require a tax clearance certificate ? it's a funny old world :)
 
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