IT38 form

[ukresident]

Hi

I am filing an IT38 form for 2020 having previously received gifts from my parents. My main query relates to a loan from my mother for 100,000; 30,000 in 2015 and 70,000 in 2019. I had hoped to pay it back but she now wishes to forgive the loan, so it becomes a gift, so I will be due to pay CAT as I am over the threshold ( I am aware of the small gift exemption). I am planning to file the IT38 myself, but I am wondering what date I put as the date of receipt of gift. Is it the date she decided to forgive the loan?

Also, when I file online, do I need to print something out and send to Revenue, or can I do it all online?

In a separate matter - my accountant had previously submitted returns for CAT for me, but looking through them now I see he submitted monetary gifts as realty not bank account, does this matter and should I correct this with the Revenue? If so, how would I do that as the statements do not appear on my online account.

Thanks for any advice.

 

[Gordon Gekko]

It’s the date the loan is forgiven.

No, it can all be done online.

I’d leave it; it’s the value that’s important, not what it actually was.

 

[Babby]

Ok, that’s very helpful.

So if loan was forgiven on 30 December - I just say I received the amount of 97,000 on that date ? ( plus the amount I owe in interest for the year )

 

[Gordon Gekko]

Yes