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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...
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