32yo man gets big Tax Bill on money from parents

[John]

The mistake they made was not giving it to him in cash https://m.independent.ie/irish-news/man ... 44263.html

[knownunknown]

“However, in March 2022, the Revenue Commissioners issued the son with a Capital Acquisition Tax (CAT) bill of €49,500 on the 2021 €165,000 gift and issued him with a further €16,335 tax bill after his parents paid the €49,500 CAT bill.”

Will be another 5,000€ when they pay the 16,000€ bill

[Leg End Reject]

Very hard to hide that amount of cash and keep it safe, the parents would have been asked some difficult questions withdrawing it too, even over a number of years.

Chances trying to get away with it though, he can expect another bill when he receives his heritance. A very sum sum to be given so no sympathy here.

[BrianD3]

Man (32) who got almost €500,000 from parents fails in tax battle with Revenue, despite ‘communion money’ claims

The Indo with its usual clickbait gutter journalism - anyone seeing that headline would assume that he claimed to have gotten 500k in communion money when in fact he claimed to have gotten 12-13k from communion money and other gifts.

Still, the family were stupid to challenge Revenue on this given that they had no evidence to back up their claims.