Question asked:


Hi Alan,
I have had somebody contact me wondering if they could raise part of their second time buyer deposit through a gift from their brother.
Is a gift from ones brother possible and does this have any tax implications at any stage?
If yes: what are they; and, what is the best approach for tax efficiency?
If no, what is the best approach?
If you have gifted 10k to a brother does that mean that the 7k gift (10k-3k*=7k)
Group B: threshold is now reduced to €32,500-€7,000= €25,500 left.
*There is an annual gift exemption of €3,000 (CATCA 2003, section 69). You can gift €3k per calendar year tax free and it does not count towards the tax free threshold.
Also does this effect any of your other exemption thresholds
Group A
Group B
25,500 balance now
Group C
Or are the balance rolled up per group?
When calculating CAT, how far back should you account for prior gifts?
Do you need to declare any gifts to revenue in your return whether taxable or not?

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Posted by (Questions: 4, Answers: 1)
Asked on 21 February 2018 10:46 am