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Cash gift to child ?

  • 19-08-2024 1:23am
    #1
    paulgalway
    Registered Users Posts: 535 ✭✭✭


    Looking for advice please.

    33 yrs old daughter is in fulltime employment and will be undertaking a one year part time course.

    She plans to work part time during the course, working weekends.

    I plan to give her €6000 to help with the cost of the course. I can do this from my personal account or from a small business account.

    Any suggestion what is the best way to do this from a taxation point of view?

    Thanks



Comments

  • #2
    mrslancaster
    Registered Users, Registered Users 2 Posts: 1,838 ✭✭✭mrslancaster


    Small personal gift exemption is 3k pa from any individual to another so maybe 3k before dec plus another 3k in jan. Or, 3k each from both parents in a single year.



  • #3
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,542 ✭✭✭✭Peregrinus


    There is a CAT exemption for gifts to your children for support, maintenance or eduction, but it's only avaiable if the child is under 18, or is under 25 and in full-time education, so it won't apply here.

    Mrs Lancaster has it. In any year the OP's daughter can receive up to 3K from each of her parents and it will be completely ignored for CAT purposes. That will cover it.



  • #4
    SupaCat95
    Registered Users Posts: 739 ✭✭✭SupaCat95


    https://www.boards.ie/discussion/comment/122518088#Comment_122518088

    Best advice



  • #5
    SureYWouldntYa
    Registered Users, Registered Users 2 Posts: 7,751 ✭✭✭SureYWouldntYa


    What are the fees involved? If more than €1,500 then there may be tax relief available. It could be worth paying these, if they apply.

    https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/education/tuition-fees-paid-for-third-level-education/index.aspx

    If your daughter is only working part time she likely wont get any benefit from it so you should probably be the one to pay the fees.

    As above in terms of cash transfers you and your wife can give €3k each every calendar year.



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