Out of date and out of ideas (19 Feb, 2019)

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Re: Out of date and out of ideas (19 Feb, 2019)

Postby Malcolm » Wed Feb 20, 2019 10:57 am

That was because very few people were gifting over that amount. There were enough just under it that checking the compliance took significant resources. The reason for treating gifts like that in the first place was to ensure people weren't being paid under the table and have it marked off as a gift instead of income. The gift tax was never about directly generating tax income for the government but instead to avoid a loophole which some have sued to avoid income tax.
Malcolm
 
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