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Gifting the site/land to grandchild question

MrLNB · 2009-05-14 11:23:52

Hi all, Somebody here might have gone through the same thing and may not. I am getting a site/land from my Granny to build on, and I am just wondering what tax I will be liable to. I understand that the stamp duty will be payable on the value of the land. The site is just over 4 acres in total. I am aware that there will…

14-05-2009 11:23am

#1

MrLNB

Closed Accounts Posts: 125 ✭✭

Join Date: May 2005

Posts: 87

Hi all,

Somebody here might have gone through the same thing and may not.

I am getting a site/land from my Granny to build on, and I am just wondering what tax I will be liable to. I understand that the stamp duty will be payable on the value of the land.

The site is just over 4 acres in total.

I am aware that there will possibly be CGT (and gift tax if it’s valued over 443,400k, which it won’t) (previous to Apr 2009 it was 54,254)

Can the CGT be off set against anything? I suppose if anyone has gone through the same scenario id like to hear what’s involved.

Much appreciated

LNB

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