Gifting a Friend

irishboars

Simple question to answer but a lot of conflicting messages out there.

For example, I want to gift a non-relative 15,000 euro. Am I liable for CAT or does that fall into Category C Threshold levels?

Thanks

Riskymove

is it not your friend that would be liable or not for CAT?

anyway 15,000 is below the threshold

irishboars

Riskymove wrote: »

is it not your friend that would be liable or not for CAT?

anyway 15,000 is below the threshold

Super, thanks. That is what I meant!

Riskymove

irishboars wrote: »

Super, thanks. That is what I meant!

the threshold is a lifetime threshold I think??

so if your friend has received other gifts the 15k form you may bring him over the line

irishboars

Riskymove wrote: »

the threshold is a lifetime threshold I think??

so if your friend has received other gifts the 15k form you may bring him over the line

Good to know - thanks for the info.

For your friends sake look into tax efficient ways of gifting him the money (talk to a good tax accountant). At the very least if possible gift 3k this side of new year and the rest in Jan which will mean only 9k will be take off his threashold. If you have a wife/gf I’d suggest that you jointly gift him the money meaning 6k now and 9k in Jan but only 3k would be reducing his threashold in this instance.

You’ll find more info here. https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/what-are-group-thresholds-rates-and-aggregation-rules.aspx

Your best bet is speak to an accountant.