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Money for kids: what's changing with the new cash block

Money for kids: what’s changing with the new cash block

Reducing the “ceiling” of payments in Cash Allowing a maximum of €999.99 from January 1, 2022, will also include significant changes in payments (or donations) by parents towards their children.

Here’s what changes

As we dealt with, anyone who crosses this threshold is punished: this applies to those who accept money but it also applies to those who pay this amount. The problem is that this new system will also affect the relationship within the family and will also apply to the money that parents pay to their children. If for any reason a thousand euros is presented, it must be traced back and justified so that no penalties and checks are imposed by the tax authorities.

What to do if the threshold is exceeded

If the taxpayer needs to pay an amount that exceeds the specified limit for the use of cash, he will be obligated to use the tools track it down Such as credit card, debit card, check or postal/bank transfer. The cash limit will be applied to all types of remittances (including loans and donations), regardless of the degree of kinship (example above). The new limit of €999.99 will apply to “Any type of payment made between a natural (or legal) person and another“Any product or anything else that requires more than a thousand euros must be tracked.

Why bank transfer is better

To be more sure, laleggepertutti It is always recommended to donate cash to children through wire transfer: This is because there are not rare cases where the Internal Revenue, being aware of the purchase of a certain value by a person with low (or completely deficient) income, asks for clarification on the origin of money. Assuming that the son was unable to prove his family’s origin (which a traceable means of payment might do),”synthetic tax estimate The tax rate is several tens of thousands of euros. In short, it is better not to risk more than a thousand euros.

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We remind you, however, that nothing changes in withdrawals or payments from your checking account: the limit remains 1,500 euros because these are the movements that interest the only person. It is clear that in case of reimbursement, the full amount cannot be spent but must remain within the limits established by the new law (within €999.99). In this case, you can pay with both banknotes and cards. Sanctions will punish those who pay and receive the money without discrimination: they range from a minimum of three thousand euros to a maximum of 15 thousand euros.