If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Gifting a car or not

lurker2000 · 2021-09-09 20:15:58

An elderly woman who is declining in health has decided to stop driving her car. She wants to give it to her daughter to use for bringing her to the shops etc. The daughter is unsure what the tax implications of this is. Would she be better buying it at a reduced rate or paying tax for receiving a gift. The car is worth…

09-09-2021 9:15pm

#1

lurker2000

Registered Users, Registered Users 2 Posts: 145 ✭✭

Join Date: May 2014

Posts: 128

An elderly woman who is declining in health has decided to stop driving her car. She wants to give it to her daughter to use for bringing her to the shops etc. The daughter is unsure what the tax implications of this is. Would she be better buying it at a reduced rate or paying tax for receiving a gift. The car is worth about €13,000.

0

Comments

#2 09-09-2021 9:26pm

Victor

Registered Users, Registered Users 2 Posts: 78,523 ✭✭✭✭

Join Date: December 2000

Posts: 68885

If possible, keep it in the mother's name in the short term, to allow it depreciate further. Be careful of the insurance situation.
First €3,000 of gifts in a year are tax free. Parent to child has a lifetime exemption of €335,000.
https://www.revenue.ie/en/gains-gifts-and-inheritance/gift-and-inheritance-tax-cat/index.aspx

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-groups-and-group-thresholds.aspx

3
#3 10-09-2021 7:00pm

lurker2000

Registered Users, Registered Users 2 Posts: 145 ✭✭

Join Date: May 2014

Posts: 128

Thanks victor

1