Hello Guys,
I am seeking some clarification on the above - basically as how it actually works in real life.
Read online the overview as being:
Small Gift Exemption. You may receive a gift up to the value of €3,000 from any person in any calendar year without having to pay Capital Acquisitions Tax (CAT). This means that you may take a gift from several people in the same calendar year and the first €3,000 from each disponer is exempt from CAT
By way of example - could i open a joint account with my Grandson & lodge up to €6000 (€3000 from my wife & €3000 from me) annually into it - without any gift tax liability on him.
This could show the lodgement dates for clarity on annual dates.
However, I could then take it back if it was a joint account.........
How does this work?
Any advice would be most appreciated.
Thank You
I am seeking some clarification on the above - basically as how it actually works in real life.
Read online the overview as being:
Small Gift Exemption. You may receive a gift up to the value of €3,000 from any person in any calendar year without having to pay Capital Acquisitions Tax (CAT). This means that you may take a gift from several people in the same calendar year and the first €3,000 from each disponer is exempt from CAT
By way of example - could i open a joint account with my Grandson & lodge up to €6000 (€3000 from my wife & €3000 from me) annually into it - without any gift tax liability on him.
This could show the lodgement dates for clarity on annual dates.
However, I could then take it back if it was a joint account.........
How does this work?
Any advice would be most appreciated.
Thank You