Transferring a bank account

G

gary27

Guest
Hi People,

Does anybody know if i transfer a bank account from me to a member of my family will i be eligible for tax?

Thanks:)
 
If the transfer essentially amounts to a gift of money greater than €1250, then it might be liable to CAT (Gift Tax)
 
Transferring an account does not create a liability for tax - but the circumstances surrounding it could create a tax liability.

Example:- If you take over a loan account and pay it off on behalf of someone else without getting full value in return, the person from which you took over the loan may be liable for CAT
 
You must log in or register to reply here.
Back
Top