Fantasy tax query.

Curly Judge

Let us assume that I win the 130 million Euro millions tonight.:D
Let us further assume that I invest it at an interest rate of 3%
This would give me approx 26,000 per weeks to struggle by on, ditto for tax [after various tax avoidence schemes] and ditto for reinvestment.
Let me then buy or build a house for my best friend who is no relation [worth say 600,000 euro] and give it to him totally free gratis and for nothing.
As I would have paid for the house entirely from personal [after tax] funds, would my friend be eligble for gift or some other type of tax?

neverwasser

Yes

smcgiff

Capital Acquisitions tax...

Are we talking about a certain Limerick woman?

Curly Judge

neverwasser wrote: »

Yes

God, You'r a dreadfull chatterbox.:)

Anyway let me nip up to Weirs of Grafton Street and buy [with cash] a Patik Phillippe Grand Complication watch, costing again 600,000 euro.
Would I have to declare how I spent this money [which had afterall, come from my post tax income] and furthermore would I be duty bound to declare that I had given it to my friend?

Curly Judge

smcgiff wrote: »

Capital Acquisitions tax..

Are we talking about a certain Limerick woman?

"The names in this story have been changed to protect the innocent";)

nompere

Curly Judge wrote: »

Would I have to declare how I spent this money [which had afterall, come from my post tax income] and furthermore would I be duty bound to declare that I had given it to my friend?

1) No

2) Yes

Alan Shore

Would the obligation not be on the recipient of the gift to declare it.

Curly Judge

Alan Shore wrote: »

Would the obligation not be on the recipient of the gift to declare it.

Shuush!
These guys charge by the word.
Or
They're playing a game of Taciturn Tessie.