Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration
Home Saved articles Viewed items Login Contact Free Trial
|

Gifts to Ireland

© Copyright LexisNexis 2024. All rights reserved.

17 March 2015
Issue: 4493 / Categories: Forum & Feedback , Inheritance Tax , International , Lifetime gifts

What are the potential liabilities on gifts made to an Irish resident?

My clients and their children were born and raised in the UK. The parents wish to gift about £100 000 to each of the children who have varying degrees of connection with the Republic of Ireland.

Their first child has lived in the Republic for the past eight years the second since 2013 and the third will be moving to Ireland in 2016.

The UK and Irish rules for gifts are different and I am concerned at the potential liabilities that may arise. Can readers clarify when the capital acquisitions tax will apply in Ireland where a gift is made from the UK? The parents’ intention is to remain in the UK.

Finally does it make any difference if the money gifted to the children is retained in the UK?

Query 18 550 – Joyce

Reply from Toby Jug

Since 1 December 1999 Irish...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
READERS' FORUM premium icon
Read All
Tax tip: NICs Readers’ forum: Concern about structure of proposed new scheme Readers’ forum: Too late to appeal assessments which may be invalid? Readers’ forum: Conundrum when advising both parties who are divorcing Readers’ forum: Does death of joint property owner cause a VAT problem?
FIVE WAYS TO MAKE ACCOUNTS PRODUCTION AND TAX EASIER.
Download the exclusive Xero
free report here.

New queries
Please email any questions you might have
to: taxation@lexisnexis.co.uk.

NEWS premium icon
Read All
Help test the single trade window Waiting times on HMRC helplines spiral out of control Football agents’ dual representation contracts clarified Late payment penalties toughened Call for proposals on how to simplify the UK VAT system
DEADLINE DATES
CASES premium icon
Read All
Suppressed sales resulted in a personal liability notice Information request was not proportionate Agreement did not constitute grant of an option No evidence to support claim for R&D costs Fields provide an amenity to the farmhouse
MOST POPULAR
Help test the single trade window Waiting times on HMRC helplines spiral out of control Football agents’ dual representation contracts clarified Late payment penalties toughened Call for proposals on how to simplify the UK VAT system
Copyright © 2024 LexisNexis
back to top icon