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Tax on land transfer after house site "gift"

  • 26-08-2014 11:38am
    #1
    Gilroy
    Registered Users, Registered Users 2 Posts: 159 ✭✭


    Hi all,

    Question, I'm in the process of being transferred land to the value of €240k from my father in his seventy's. I am a young part time farmer with a green certificate. Problem is I have been given a gift of a 1 acre site back in the boom days and built my own family house and the auctioneer valuation was €190k at the time.... madness I know.... for 1 acre with Full planning permission.....

    So that means by my math's.... Agricultural relief 10% of €240k = €24k (if I quality as a "farmer" each I will) plus gift of site at €190k equals €214k. My assets are low, less then €50k.

    Am I ok and under the CGT rate from father to son of €225k?

    Any help would be great as I don't want to be landed with a tax bill.

    Regards
    Gilroy


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    You should consult your accountant or solicitor.

    Advice on property related queries is not allowed on this forum.


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Please contact a solicitor asap.

    There are consequences of the scenario above especially as it seems that you did not pay CAT on the transfer of the house previously and were exempt. A return may have been required to be filed at that time if it was over 80% of the threshold.

    Your house is included in your assets for the farmer test so you might not meet the test.

    The only person who can give you these answers is someone that is properly qualified and insured and the consequences of inaccurate or incomplete advice are grim.

    As such specific advice on this forum is banned. Thread closed.


This discussion has been closed.
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