The Bank of Mum & Dad

[markyboy]

Is the Bank of Mum & Dad still in line for a tax hit?

With deposit interest rates at all time lows, parents have anecdotally been giving larger lump sums to their offspring to help fund a home purchase or renovation. The Government now appears to have these transactions in their sights, although it rowed back on changes proposed in the Finance Bill.

www.rte.ie

“So, if the parent was giving a loan of €100,000 with no interest rate attached, Revenue would consider that a gift of €2,000 a year.”

Has anyone on here done this?

 

[Hank Scorpio]

Lol, so not only have they made house prices basically unaffordable to Joe Soap they also wanted to further tax parents who do help out their kids


That would have been political suicide

 

[westieboyo]

Lol, so not only have they made house prices basically unaffordable to Joe Soap they also wanted to further tax parents who do help out their kids


That would have been political suicide

They've been doing that on the Mainland for years. Boris promised to stop it but then who believes a word Boris says?

 

[stan ogden]

They've been doing that on the Mainland for years.

Westie, are you living on the Isle of fucking Wite or something? It’s not our mainland.

 

[PussyinBoots]

Gifts have always been taxable in that you have to write off the loan/gift off your tax free amount if you get an inheritance.

 

[westieboyo]

Westie, are you living on the Isle of fucking Wite or something? It’s not our mainland.

I didn't say "our" mainland. I said "the" mainland. Where do you think I mean?

 

[stan ogden]

I didn't say "our" mainland. I said "the" mainland. Where do you think I mean?

Who’s mainland then? Why didn’t you just say the UK. Take your dress down and move on you dunce.

 

[dennisfallen]

I didn't say "our" mainland. I said "the" mainland. Where do you think I mean?

Wum

Is the Bank of Mum & Dad still in line for a tax hit?

With deposit interest rates at all time lows, parents have anecdotally been giving larger lump sums to their offspring to help fund a home purchase or renovation. The Government now appears to have these transactions in their sights, although it rowed back on changes proposed in the Finance Bill.

www.rte.ie

“So, if the parent was giving a loan of €100,000 with no interest rate attached, Revenue would consider that a gift of €2,000 a year.”

Has anyone on here done this?

Yeah, loads of times. I have bucket loads of €100,000 wads to spare. I wish.

 

[westieboyo]

Who’s mainland then? Why didn’t you just say the UK. Take your dress down and move on you dunce.

The last time I checked Northern Ireland was in the UK . Are you maintaining that Northern Ireland is not part of the Mainland?

 

[stan ogden]

The last time I checked Northern Ireland was in the UK . Are you maintaining that Northern Ireland is not part of the Mainland?

Give it a rest son, you’ve made enough of a fool of yourself.