Small Gift Exemption
The small-gift exemption allows you to gift up to €3,000 in any tax year to anyone else without tax implications.
And, after doing so, there is nothing to stop you gifting the same sum to the same people the following year, or to different people.
It is generally used for gifting within enlarged families – from parents/grandparents to children or grandchildren, aunts and uncles to nephews and nieces, or even among cousins or siblings.
It is a tax efficient way of helping family members over small financial crises, or those saving up for things like mortgage deposits.
Using the small gift exemption means you don’t touch the lifetime tax free thresholds which may be important down the life in event of a large gift or inheritance being received.
Subject to conditions
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie
