This week Q&A looks at parental gifts and noisy gardens
Parental gift of €30,000
My parents are going to give me €30,000 as a deposit towards the purchase of an apartment. They are worried about the tax implications - as am I. Do I declare the gift, or do they? And, if so, when? If we don't declare it, has the Revenue any way of finding out about it? My parents have told us that when they die the family house will be divided between my brother and myself. Does the gift now impact on that in any way?
A person is entitled to receive up to €456,438 from their parents, either as a gift or inheritance, before there is a charge to tax. This is called the Group 1 threshold and applies to gift and inheritances from parents to children. It is indexed on an annual basis. If the gift of €30,000 is the first gift you have received from your parents, then you are still well within the Group 1 threshold. Therefore, there is no tax liability and no requirement to disclose the gift to the Revenue. When you inherit your share of the family home, the value of that share will be added to the value of gifts that you received from your parents since December 5th, 1991. If this figure exceeds the Group 1 threshold (currently €456,438), then Capital Acquisitions Tax at 20 per cent is payable on the balance. On the reporting side, there is no requirement to disclose any gifts that you receive from your parents until you have utilised 80 per cent of the Group 1 threshold. It is also worth noting a child can receive up to €3,000 per annum from their parents that is not taken into account in computing tax. This is called the Small Gifts Exemption.
Surrounded by motorway
The garden (approx an acre) of my home has been lovingly tended for about 50 years. It was a haven of peace and quiet. Now I am surrounded by motorway and access roads. The noise is unbelievable; we cannot hear each other in the garden. Can you advise (a) an inexpensive way, or (b) any way in which I might be able to reclaim some of the former quiet.
An acre is quite a garden but, even if it was only a small city patch, there wouldn't be a sure-fire solution for your problem. Sound waves bounce off hard surfaces so building a solid fence won't do anything other than redirect the noise, but planting a foliage barrier will almost certainly help (though don't expect miracles). That's because the leaves and stems will absorb the noise, creating a muffled effect. There is a theory that high frequency noises need a lot of small dense leaves packed together. Lower tones are best muted by bigger leaved plants. It's evergreens that you'll be looking for. Many people with town gardens install gently bubbling water features to distract from the traffic sounds - though in a garden your size you'd need a municipal-sized one to make any difference. You do have an advantage in that your garden is so large. Is it possible for you to mark out a section of it and plant a shrub and tree barrier and maybe a small water feature. Would you consider getting a consultation from a garden designer? As you're not going to be planting anything in the next month or two, you at least have a bit of time on your side.
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• Unfortunately, it is not possible to respond to all questions. The above is a representative sample of queries received. This column is a readers' service and is not intended to replace professional advice. No individual correspondence will be entered into.
