So the kids have flown the nest, you find yourself with empty rooms in your home and living on your pension. Your most prized asset, being your family home, could also become a source of tax free income for you.
Annual Gift Exemption
In general, a gift from one individual to another may result in either Capital Acquisitions Tax (CAT) at 33% falling due, or a reduction in the recipient’s lifetime tax free threshold.
However, CAT legislation allows for an exemption from tax for the first €3,000 of any gift given by one individual to another, per year. Read more