Ask an expert: ‘A relative has gifted our kids €15k each — what is our tax position and how do we best advise them?’

Our property finance expert answers your questions

Photo: Getty Images — © Getty Images/iStockphoto

Sinead Ryan

Last Christmas a relative surprised us by gifting a substantial sum of money they had come into to our two children. One is in their late 20s and would like to use it toward a house deposit; the other is 17 and we’re not quite sure how to advise him. We’re also not sure of the tax position. The gifts amounted to €15,000 each.

Sinead replies: This must have been a lovely surprise to get and I’m sure most people would be so delighted they wouldn’t consider it an issue at all, but you are correct to at least address the wider implications of such generosity.