Gift Tax Changes: Will My Son Have To Pay On Our Connemara Holiday Home?
Gift Tax Changes: Will My Son Have To Pay On Our Connemara Holiday Home?
I recently watched the Irish budget and noticed the Government went ahead with plans to increase the tax-free threshold for gifts and inheritances between parents and children to €400,000. My 33-year-old son and his new wife don’t qualify for a mortgage large enough to buy a home, so my wife and I gifted them our holiday home in Connemara this summer. I’d estimate the property is worth about €340,000. Does this new tax threshold mean my son and his wife won’t have to pay gift and inheritance tax on this gift, or when does this change kick in?
Alison McHugh, head of private client services at EY Ireland, explains.
Alison McHugh, head of private client services at EY Ireland
