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Inheriting land - as a niece

  • 19-02-2009 12:01pm
    #1
    konawi
    Closed Accounts Posts: 15 ✭


    Hi,

    Hope someone has some advice on the following...

    My uncle is very sick and has written me into his will to receive land.. the land is in west kerry, without planning permission (ever).
    So it's around 1acre, or 1.5, not sure. getting it valued but it seems to be worth approx 100-150k (based on other sites for sale in that locality)..

    anyway, my point is, I'm just out of college so I can't afford to pay 20% on over 50k (assuming th first 50k is tax free, as a niece?)... so i'm wondering what my options are... I can say 'no' to it, but that would be a last resort.

    What would be involved if he were to sell it to me for a minimum amount, how does that work? I've looked through teh web for info on this but can't find any.

    If ye have any suggestions, I'd be really grateful to hear them!

    thank you!

    Noirin


Comments

  • #2
    antord
    Closed Accounts Posts: 10 ✭antord


    You will need to get some tax advice from a pro but it seems to me that this land is not as such a 'site'. Is it agricultural? if so it's value would be more like 4 th 8k on the books..


  • #3
    grumpytrousers
    Registered Users, Registered Users 2 Posts: 1,884 ✭✭✭grumpytrousers


    you'll need to get professional advice, it goes without saying, but in general terms, if i sell my ferrari worth €100,000 to my brother for €1000, he's 'up' an asset worth 100K and I'm only 'up' €1000 - i've effectively given him a gift of €99,000.

    He might be able to get certain reliefs depending on his relationship with me, or the nature of the asset. Obviously a car isn't the same as land, and some land is agricultural.

    I think you can see where this is going...an appointment with a professional will set you back a few bob but you're better off to know the right answer, for your particular circumstances, in advance of anything happening.
    Now playing: Ladyhawke - My Delirium
    via FoxyTunes


  • #4
    paulanthony
    Registered Users, Registered Users 2 Posts: 370 ✭✭paulanthony


    If it is in west Kerry and has never had planning permission it is not worth €100,000-€150,000. Only sites being specifically sold for a home development with PP will be worth that. (At absolute best)


  • #5
    servicecharge
    Registered Users, Registered Users 2 Posts: 124 ✭✭servicecharge


    It's been a while since I've been involved in this so take with pinch of salt. Others might be able to correct me. As it is agricultural land you may be entitled to avail of agricultural relief (An individual is a farmer for capital acquisitions tax purposes if 80 per cent or more of the market value of the property to which he is beneficially entitled in possession consists of agricultural property). This would reduce the taxable value of the land by 90%.

    Have you worked the farm over last five years? Maybe 'Favourite Nephew Relief' long shot tho.


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