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CGT and/or CAT liable on site gifted to son?

  • 19-05-2011 12:50AM
    #1
    Augusta11
    Registered Users, Registered Users 2 Posts: 23 ✭


    Hi,

    I'm just wondering could anybody please help or advise me on my situation?

    My father is gifting me a site to build my first house on. We are currently applying for planning permission. I had a meeting with a solicitor today and he has told me we will probably have to pay CGT and/or CAT.

    I have searched numerous forums about this type of query as well as the Revenue website but cannot seem to get a definite answer as to whether me or my father will need to pay Capital Gains Tax and/or Capital Acquisition Tax. If anybody could please help clarify my situation it would be much appreciated.

    I have not had the site valued as of yet but it is definitely nowhere near the value of 254,000 and it is only .75 of an acre so does this mean we qualify for exemption for CGT? I'm finding this very complicated to understand and CAT seems even more complicated than CGT. Is myself or my father required to pay any CAT?

    As it looks likely we will have to pay either/or CGT / CAT at 25% of the value of the site, I have been advised to get the site transferred into my name before we (hopefully) get planning permission as the site is currently worth alot less now than what it will be if planning permission is granted.

    We are First Time buyers and unfortunately we are seeing our costs soar before we have even got started! Between the Stamp duty been introduced in the last budget and the astronomical council development fees and now this CGT or CAT, it would make you feel like forgetting about the dream of building your own house and just buying a nice house for a pretty reasonable price?

    Apologies if this type of content is banned?


Comments

  • #2
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    This question may get you a ban - property qs not allowed per charter


  • #3
    ants09
    Registered Users, Registered Users 2 Posts: 717 ✭✭✭ants09


    my advice is get professional advice from a solictor, accountant or tax expert as it could be a mindfield your treading in


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Legend100 wrote: »
    This question may get you a ban - property qs not allowed per charter

    Ding ding.

    I have pmed the user with the obvious exemption CGT exemption. CAT threshold info and the repeal of the stamp duty exemption.

    I am boggled that there are solicitors out there this incompetent.

    Thread closed.


This discussion has been closed.
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