StaroftheSea
Registered User
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Does this mean that I could receive several gifts of 3000 from different people and not pay tax on any of it?
Thanks,
ok jpd, but as a small tax avoidance measure, both parents could give 3000 each to me yearly, and I wouldn't have to pay tax on it?
There is a much higher tax free limit for parent to child transfers. About 400k I believe.
Yup, I agree.the limit is MUCH smaller for gifts from anybody else, other than parents, and these gifts are cumulative.
Nope, I don't think so? AFAIK an inheritance/gift in a particular Group (for any benefits taken on or after 5th December 2001) only uses up the threshold for that particular Group. So a gift of €100k from a parent doesn't use up the threshold for gifts/inheritances from strangers.So an earlier gift from a parent is going to reduce or eliminate the amount that can be receive tax free from an uncle, a sibling or anyone else (and unmarried partner counts as a stranger).
Does this mean that I could receive several gifts of 3000 from different people and not pay tax on any of it?
Thanks,
I am retired with 200,000 on deposit in an Irish bank. My daughter has a 20-year mortgage of 175,000 and can't afford the repayments. I would like to lend her the money to pay off her mortgage and let her repay me at about 3% interest instead of 6%. Can I do this without problem of gift tax - I would of course pay tax on any interest?
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