Land gifted from Uncle

backspacer

Hi,

Have recently been offered a piece of land from an uncle as a gift to build a home on. I just have a few queries and was wondering would the good people of A+P be able to help me with.

• If the land is received as a gift, is there a tax to be paid on it?
• If there is a tax on it, who values the land for tax purposes?

Thanks again,


B

jimmii

Here is the link to the Revenue site. When its not a parent to child transfer the thresholds are pretty low so there could well be a decent chunk of tax due on it. Best thing to do would be to contact the Revenue to see about valuations.

nompere

backspacer wrote: »

Hi,

Have recently been offered a piece of land from an uncle as a gift to build a home on. I just have a few queries and was wondering would the good people of A+P be able to help me with.

• If the land is received as a gift, is there a tax to be paid on it?
• If there is a tax on it, who values the land for tax purposes?

Thanks again,

B

You and your uncle need professional advice.

He might have a liability to Capital Gains Tax (though there are reliefs) and you might have a liability to Capital Acquisitions Tax (and again there might be reliefs).

Revenue don't do valuations for taxpayers - the taxpayers need to talk to a valuer. If the valuations are seriously low, Revenue have powers to surcharge the taxes - so it's important to use realistic figures

Mr. Incognito

Speak to a solicitor for land queries