Revenue to tighten gift tax laws

Tax advisors have said a new Revenue clamp-down could see adult children, who have moved home for financial reasons, obliged to return gift tax.

New proposals to change the Finance Bill are aimed at limiting tax exemptions granted on payments by parents and grandparents.

However, experts have added the change means adults forced to return home out of economic necessity could be obliged to pay tax on the ‘notional cost’ of renting their own room in their parents' home and the value of food, light and heat.


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