Lucky kids: thousands get €100,0000 tax free gift from parents

Some 34,000 people have so far taken advantage of a temporary measure to give up to €100,000 tax free to their children, the AD says on Wednesday.

The government had expected 20,000 people would participate in the scheme, which was launched last October and expires at the end of this year, the AD says, quoting a tax office official.

Parents have always been able to give their children €50,000 tax free to put towards buying a house. However, the government raised the limit for a temporary period in an effort to get the housing market moving again.

It is unclear as yet how much tax-free cash has actually been donated or the likely impact on the treasury, the paper says.