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Gift Tax Info Required

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  • 08-11-2003 6:57pm
    #1
    trazix
    Closed Accounts Posts: 60 ✭✭


    I am getting a site as a gift from my parents, i have to get the site valued and pay Capital Gains Tax on its value. Could you tell me what percentage of the value i have to give the Revenue as i cant seem to find the info i need on there web site.


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    #2
    Victor
    Registered Users Posts: 78,421 ✭✭✭✭Victor


    Over your lifetime you ar entitled to up to about €300,000 from your parents (thsi counts against wills aswell). It's possible you might have to pay nothing.

    Otherwise you are looking a Capital Acquisitions tax

    http://www.revenue.ie/wnew/cat_rorg.htm

    http://www.revenue.ie/services/foi/s16_2001/catman.htm


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    #3
    Richieh
    Closed Accounts Posts: 39 ✭Richieh


    You have a Capital Acquisitions Tax threshold of €441,198 in relation to a gift from your parents. If the site is being gifted 100% to you, you won't have any gift tax to pay (assuming the value of the site doesn't exceed €441,198). In the highly unlikely event that the site is valued in excess of the above amount, any excess is taxed at 20%.

    If you have a partner/fiance etc that is also going to named on the title of the site, be careful there because his/her threshold is just over €22,000 because the 'gift' would be deemed to be from a stranger.


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