Tax on transfer of money from parent to child

M

Mamamia22

Registered User
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I see an article on todays indo re reductions of thresholds for CAT. More disincentive to work in my view. If I choose to give my child 20k now is that tax exempt ? Does it count towards their lifetime threshold ?
 
No CAT until 335k.

The 335k is a lifetime limit for the recipient.

I think that means that past gifts/inheritances in category A are added up over time, and CAT kicks in once 335k is reached.
 
Mamamia22 said:
I see an article on todays indo re reductions of thresholds for CAT. More disincentive to work in my view. If I choose to give my child 20k now is that tax exempt ? Does it count towards their lifetime threshold ?
Click to expand...
You can gift 3k/yr without impacting on the 335k exemption.
 
There are several existing threads about gifts/bequests from parents to children and the relevant gift/Capital Acquisitions Tax issues. You should be able to find them by searching.
 
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