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Did you know?
You can gift up to €3,000 tax free in any one year to your child, grandchild or anyone
else, or even multiple persons and this gift will not impact on the recipient’s
appropriate group tax free threshold for CAT purposes.
How can they you do this?
The key here is that the recipient/beneficiary must get ownership of the money and
the person gifting the money loses control of it, therefore how the plan is set up will
depend on how old the recipient is.
Our client experiences.
We recently received an enquiry from a client to arrange five savings plans for
grandchildren to avail of the Annual Gift Exemption. You may receive a gift up to the
value of €3,000 from any person in a calendar year without having to pay Capital
Acquisitions Tax (CAT). This means that you make take a gift from several people in
the same calendar year and the first €3,000 from each disponer is exempt from CAT.
Gifts within this limit are not considered in computing tax and are not included for
aggregation purposes. This small gift exemption applies only to gifts and not to
inheritances. Quigley Financial Brokers arranged the policies with a AAA rated
company.
The example included is for guidance purposes only and is not based on any real individual circumstances and should not be constituted as advice in any particular instance.