In that case, you must before 1 March 2017 have submitted the gift tax return to the Tax and Customs Administration.
Gift tax return
The recipient of the gift must file the gift tax return.
The obligation to file a gift tax return applies to all gifts received, except where the value of the gift is below one of the standard exemptions. In 2016, the standard exemptions were as follows:
- if you received from your parent(s): €5,304;
- in other cases: €2,122.
If the Tax and Customs Administration sends you a tax return form, you must file a gift tax return in all cases.
An explicit request for exemption is required
Even if you do not owe any gift tax because the value of the gift falls within the scope of another exemption, you must still submit a gift tax return. This is because any exemptions other than those mentioned above must be explicitly claimed. You do this in the gift tax return.
If a gift tax return is submitted late or not at all, this means that no claim has been made under the exemption. In that case, the entire gift will be subject to gift tax.
How?
You must complete the gift tax return using the form provided by the Tax and Customs Administration for this purpose form. Please complete this form on your computer. You should then print it out, date it and send it to the Eindhoven Tax Office. If you submit your tax return in a different format, the Tax Office will ask you to complete and submit this form after all.
Deed of Acknowledgement of Gift
In many cases, gifts are recorded in writing. This usually takes the form of a deed of gift. This deed cannot be sent to the Tax and Customs Administration as a gift tax return. You can only fulfil your obligation to file a return by submitting the aforementioned form.
The importance of the deed of gift lies in the evidence that you have made a gift and in the recording of the legal conditions attached to the gift.
Pay
If you are liable for gift tax, you should wait to make the payment until the Tax and Customs Administration sends you the tax assessment. The tax assessment notice will state the payment deadline, which is 6 weeks after the date of the notice.
The Tax and Customs Administration uses a specific bank account number for the payment of gift tax: NL26 INGB 0000 4412 90. It is important that you quote the payment reference stated on the tax assessment when making your payment.