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Stamp duty on gift of site

  • 22-03-2011 10:44pm
    #1
    CCMYPLAYMATE
    Registered Users, Registered Users 2 Posts: 48 ✭


    if you are given the site ,, do you have to pay stamp duty on the build ????


Comments

  • #2
    The Rooster
    Registered Users, Registered Users 2 Posts: 4,998 ✭✭✭The Rooster


    CCMYPLAYMATE wrote: »
    if you are given the site ,, do you have to pay stamp duty on the build ????

    No stamp duty on the build.

    (but I'm pretty sure stamp duty does apply on the gift of the site, based on the value of the site - though presumably your solicitor covered this when the legal title of the site was transferred to you.)


  • #3
    Peanut2011
    Registered Users, Registered Users 2 Posts: 990 ✭✭✭Peanut2011


    CCMYPLAYMATE wrote: »
    if you are given the site ,, do you have to pay stamp duty on the build ????

    No stamp duty, but you are liable for gift tax.


  • #4
    The Rooster
    Registered Users, Registered Users 2 Posts: 4,998 ✭✭✭The Rooster


    Peanut2011 wrote: »
    No stamp duty, but you are liable for gift tax.

    I double-checked and there definitely is stamp duty on the transfer of a site based on the market value. Rates are as per Clint's link above, i.e. up to 6% for site with a value of more than €80,000. But the stamp duty can be reduced by half if the gift was received from a close relative.

    Definitely no stamp duty on building or renovating a house.

    If the gift was from a parent, there is unlikely to be gift tax (only applies when total gifts exceed €414k)


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