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Paying tax on Land.

  • 16-01-2009 9:58am
    #1
    trunko
    Closed Accounts Posts: 16 ✭


    My other half's father has given us an acre (approx.) next to the family home to build a house on.
    One of our conditions for planning permission is that the land be in her name, as her name is on planning app. (we are not married yet).

    Then to get the mortgage my name will have to be on the land too.

    Do we incur taxes/fees in any of these legal transactions?
    If so is there any way around it?

    Has anyone here been in a similar situation?
    Any help would be much appreciated.


Comments

  • #2
    Slig
    Registered Users, Registered Users 2 Posts: 1,550 ✭✭✭Slig


    Ask a solicitor


  • #3
    trunko
    Closed Accounts Posts: 16 ✭trunko


    Succint.

    Thanks, I have an appointment with a guy next week but I was just curious to hear of other people's experience on here.


  • #4
    Slig
    Registered Users, Registered Users 2 Posts: 1,550 ✭✭✭Slig


    sorry to be brief but land conveyancing is a very dodgy area to get involved in, even when your getting paid:D


  • #5
    trunko
    Closed Accounts Posts: 16 ✭trunko


    Slig wrote: »
    sorry to be brief but land conveyancing is a very dodgy area to get involved in, even when your getting paid:D

    I hear you.

    Thanks for the help :)


  • #6
    muffler
    Registered Users, Registered Users 2 Posts: 46,555 ✭✭✭✭muffler


    More suited to accommodation & property.

    Moved from Construction & Planning.


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  • #7
    peaches79
    Closed Accounts Posts: 75 ✭✭peaches79


    As far as I've experienced, you can transfer land from father to daughter as long as it's under a threshold without any tax implications.
    Then, if ye are married the land can be put into both names again without tax implications as it is for building of PPR? That's the basics.

    But as someone else said, conveyancing is complicated and the solicitor will work out your individual case. Best of luck....


  • #8
    No6
    Registered Users, Registered Users 2 Posts: 2,489 ✭✭✭No6


    peaches79 wrote: »
    As far as I've experienced, you can transfer land from father to daughter as long as it's under a threshold without any tax implications.
    Then, if ye are married the land can be put into both names again without tax implications as it is for building of PPR? That's the basics.

    But as someone else said, conveyancing is complicated and the solicitor will work out your individual case. Best of luck....

    I have two clients in a similar position, but the solicitor put the land in both their names and they had to pay around 2k in Tax.


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