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Where Taxpayers and Advisers Meet

Tax implications on cash gifts

rlister
Posts:1
Joined:Wed May 11, 2022 3:24 pm
Tax implications on cash gifts

Postby rlister » Wed May 11, 2022 3:32 pm

I am a UK resident currently applying for an Irish mortgage in order to move/retire to Ireland. Part of the cash deposit I am using to purchase the property is a cash gift from my partner with whom I have 'co-habited' for the past 5 years. The Irish bank is very concerned about tax implications on the gifted cash sum as we are not married or in a civil partnership. My question is: Is there a tax implication ? Capital Gains or other? and do we use UK tax rules (as I am still resident here) or Irish rules (as that is where the mortgage will be)? Any help/advice would be gratefully received.

Jholm
Posts:261
Joined:Mon Mar 11, 2019 4:22 pm

Re: Tax implications on cash gifts

Postby Jholm » Thu May 12, 2022 9:05 am

Gifts of cash do not attract CGT, nor income tax.

It is however, a gift for IHT purposes in the hands of your partner... a PET (Potentially exempt transfer) and the 7 year survivorship window takes effect.


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