Annual Gift Exemption Of €3,000
- info742793
- Jan 18, 2024
- 1 min read
Updated: Jul 25
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.
Reach out today
Contact us today and book your consultation https://www.quigley.ie/book-consultation and see how Quigley Financial Brokers can help you choose the best options available or contact richard@quigley.ie for further information.
Kommentare