Man (32) who got almost €500,000 from parents fails in tax battle with Revenue, despite ‘communion money’ claims

9 comments

1. The solicitor dad is some chancer. 

2. >However, in March 2022, the Revenue Commissioners issued the son with a Capital Acquisition Tax (CAT) bill of €49,500 on the 2021 €165,000 gift and issued him with a further €16,335 tax bill after his parents paid the €49,500 CAT bill.

   hahaha eat shit.

   Ask mummy and daddy to pay it again so they can bill you another €5k.

3. This is the daftest thing I’ve read (this evening). These rules aren’t too difficult to circumvent, if he wanted to gift his son without tax liability.

   This stinks of Ill-gotten money.

4. I have to say I’d allow up to a million to move between family members without tax liability.

   Imagine getting downvoted for this in a land where the average house costs a third of a million and wealth funds are being created by the government.

5. If only he lived in Sweden.

6. This is gas. A tonic to all the depressing and dark news right now 🙂

7. The entitlement people in this country feel to big windfalls.

8. Wow.

   The father perceived the money as his son’s???

   I perceived that I’d picked last week’s winning Euromillions numbers

9. If you’re allowed a gift of €6k per year tax free from your parents (3k from each parent), it seems a bit harsh that you can’t backdate the payments.

   I’m not referring to this case specifically, but if your parents weren’t financially sophisticated and hadn’t been aware they could gift that amount each year, it seems harsh to punish them and say they can’t retrospectively do it. Their child loses out compared to the child of a financially astute couple who had been gifting the yearly allowance from the start. I don’t see how that’s fair, it’s pedantic whether the money is gifted yearly or in a retrospective lump sum.