Law of the Land

molko2b

Hi,

I am just wondering if anyone knows the rules/laws about if you have got land in your name and want to give it to someone (son/daughter etc), is there something that says that after 7years of the land being in your name that you can give this land as a gift free of charge? or how does this work?

hebeegb

molko2b wrote: »

Hi,

I am just wondering if anyone knows the rules/laws about if you have got land in your name and want to give it to someone (son/daughter etc), is there something that says that after 7years of the land being in your name that you can give this land as a gift free of charge? or how does this work?

To the best of my knowledge there is no such law, as regards free of charge, there is nothing free. if you want to transfer land, thats a simple conveyance, and a solicitor will arrange that for you, this typically involves them preparing land searches and verifying title to the lands, that should not be a big deal, but you need a solicitor for it to be on the safe side. your next issue then will be any tax implications, these may be capital gains tax ( on the person giving the gift) and Capital Acquisitions Tax on the person recieveing the gift, it also depends on the relationship of the disponer ( person giving) and the person recieving ( benificary) it could be tax free! but depends on the relationship like i said, so i cant advise you any further, also there will most likely be stamp duty payable, and depending on if there is development on the land there could be vat implications also..... so it aint as easy as you might think

molko2b

Thank you for your reply I really appreciate it, I do realise that there will be solicitor fees as with any legal issues. I just thought id look into this to see what is the cheapest way of getting land into your name that is currently in your fathers name.

swanvill

Another option you might consider if the land is agricultural, then your child may qualify as a Farmer, this will negate/reduce any gift tax and may reduce stamp duty. Stamp duty between 'blood relations' is automatically halved, which your solicitor should know about.

The link below will give you some guidance on tax implications of gifts.

http://www.revenue.ie/en/tax/cat/gift-inheritance.html

On a positive point you should note by gifting while alive you avoid probate tax and reduce legal fees (as they charge % of the value of your estate)

molko2b

Oh thats great Swanvill, thanks for your help, I wouldnt have thought to check that website.