Gift Tax
Gift Tax
If you receive a gift, you may have to pay Gift Tax on it. If you receive an inheritance (for example, following a death) it may be liable to Inheritance Tax. Both taxes are types of Capital Acquisitions Tax (CAT).
Gift tax is payable on certain gifts made during the lifetime of the donor. The person making the gift is called the donor, or disponer, and the person receiving the gift is called the donee.
A gift is taken when a donee becomes beneficially entitled in possession to some property and does not give full consideration for it. The tax is payable by the person receiving the gift.
Typical examples of gifts include the following:
- a present of cash, jewellery, or a car
- a transfer of property or land
- a transfer of stocks and shares
- the use of a house for life
Contact one of our qualified tax consultants at Irishtaxback.ie to discuss your personal situation.
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