The €3,000 tax free gift frequently features in your column. Should I prepare a formal memo to verify this practice in case Revenue seek some evidence of the gift? I do mention the small gift exemption quite a bit and deliberately so. There is no limit on who can give to whom under the small gift exemption. For instance, if you gave this son €3,000 and then gave someone else €3,000 with the intention that they, too, would give it to your son, Revenue would not be at all happy.
Source: The Irish Times March 31, 2020 04:30 UTC