Saving & Gifting to Kids in Ireland? Doing it Wrong Costs Thousands in Tax
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Saving & Gifting to Kids in Ireland? Doing it Wrong Costs Thousands in Tax
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In this week's episode, I explore crucial financial planning lessons for Irish families, highlighting examples where small oversights led to significant tax bills.
Discover how one family's misunderstanding of Ireland's Dwelling House Exemption resulted in an unexpected €77,000 tax liability, and how another family's mismanagement of the Small Gift Exemption cost them over €65,000.
Learn essential strategies for gifting, saving, and inheritance planning, and understand why precise adherence to tax regulations, supported by expert advice, is key to safeguarding your family's financial legacy.
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Good intentions aren’t enough - strict compliance with Irish tax law is essential.
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Document and complete transactions properly - incomplete paperwork can lead to significant taxes.
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The Small Gift Exemption (€3,000 annually) must involve actual yearly transfers - accumulating gifts without documentation won't satisfy Revenue.
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Seek professional financial and legal advice early to avoid costly errors in wealth transfer and inheritance planning.
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Understand clearly defined tax exemptions like the Dwelling House Exemption - missing even one condition can result in major unexpected taxes.
Hope it helps!