Tax on gift transfer - Land from brother

Techhead86

Hello,

I need some advice on the tax that would apply to a land sale/gift. Any help would be much appreciated.

My brother has suggested he may gift me a half acre site. I have had the site valued at €24,000 by an auctioneer.

What CGT, CAT & stamp duty would apply?

Also, if he decides not to gift the site and I purchase it from him for €24k, what taxes would have to be paid?

Thanks in advance for your help.

CIARAN_BOYLE

Techhead86 wrote: »

Hello,

I need some advice on the tax that would apply to a land sale/gift. Any help would be much appreciated.

My brother has suggested he may gift me a half acre site. I have had the site valued at €24,000 by an auctioneer.

What CGT, CAT & stamp duty would apply?

Also, if he decides not to gift the site and I purchase it from him for €24k, what taxes would have to be paid?

Thanks in advance for your help.

Well CGT depends on what the land cost your brother originally.

CAT would be zero assuming that he hasn't previously given you gifts but you would have.

Stamp duty would as far as I know be 2% of value so €480

Techhead86

Hi Ciaran,

Thanks for the info.

My brother inherited the site from a neighbor.

Are there thresholds for CGT & CAT for transfers between siblings?

Thanks,

barneystinson

CIARAN_BOYLE wrote: »

Well CGT depends on what the land cost your brother originally.

CAT would be zero assuming that he hasn't previously given you gifts but you would have.

Stamp duty would as far as I know be 2% of value so €480

Awwww Ciaran noooooo! Enjoy your ban...

CIARAN_BOYLE

Techhead86 wrote: »

Hi Ciaran,

Thanks for the info.

My brother inherited the site from a neighbor.

Are there thresholds for CGT & CAT for transfers between siblings?

Thanks,

There is a threshold for CAT between siblings, I think its thirty something thousand.

The giver will have to pay CGT as if the transaction took place at full market value. With the acquisition price for CGT purposes being the amount that he would have declared for CAT purposes on inheritance.

Mr. Incognito

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