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Site purchase

  • 28-04-2016 3:06pm
    #1
    spursfan79
    Registered Users, Registered Users 2 Posts: 37 ✭


    This might need to go n a different thread but I'll try here first!

    My wife has been gifted a site that's not from a direct relation. At the moment there is no planning on the site. We hope to apply soon enough on the site but want to know what kind of tax we might have to pay for the site??
    At the minute it's not in our name, would it be better to do that now and fingers crossed we would get the planning down the line??
    If we get planning and then get the site won't we pay a lot in tax because the site is worth a lot more???

    Advice on this would be great. Cheers.


Comments

  • #2
    Metric Tensor
    Registered Users, Registered Users 2 Posts: 3,725 ✭✭✭Metric Tensor


    The site will definitely be worth a lot more with planning.

    The only thing is that a (presumably 0.5ish acre) plot of agricultural land without planning is probably useless to you and planning is not guaranteed.

    I'd recommend contacting a local architect/engineer/architectural technician to ascertain the likelihood of you and your wife getting planning on the plot of land in question and then armed with this information talk to a good accountant and a good solicitor! This is the type of thing that has so many nuances that you need to get good advice from a few different experienced professionals.


  • #3
    THE DON FANUCCI
    Banned (with Prison Access) Posts: 144 ✭✭THE DON FANUCCI


    spursfan79 wrote: »
    This might need to go n a different thread but I'll try here first!

    My wife has been gifted a site that's not from a direct relation. At the moment there is no planning on the site. We hope to apply soon enough on the site but want to know what kind of tax we might have to pay for the site??
    At the minute it's not in our name, would it be better to do that now and fingers crossed we would get the planning down the line??
    If we get planning and then get the site won't we pay a lot in tax because the site is worth a lot more???

    Advice on this would be great. Cheers.


    probably have to pay gift tax/stamp duty/ or some kind of tax on the value of the site. a 5 minute phonecall to your solicitor will tell you that. and pay an auctioneer 150quid to value the site. them guys will know straight off


  • #4
    spursfan79
    Registered Users, Registered Users 2 Posts: 37 ✭spursfan79


    Ok thanks for that. Site is close to an acre and would cost upwards of 100k if it has planning on it......
    Could I possibly come to an arrangement with the owner to purchase site as is for the minimum and if I don't get planning then maybe sell it back for same or is that out of the question???


  • #5
    Metric Tensor
    Registered Users, Registered Users 2 Posts: 3,725 ✭✭✭Metric Tensor


    I honestly don't know what you can and cannot do - you really need to ask a solicitor and an accountant.

    Remember that the Revenue Commissioners see this type of situation every day - you and I don't - make sure you do things right and legally in the first instance!


  • #6
    spursfan79
    Registered Users, Registered Users 2 Posts: 37 ✭spursfan79


    Cheers thanks for advice👍


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  • #7
    Rackstar
    Registered Users, Registered Users 2 Posts: 1,347 ✭✭✭Rackstar


    spursfan79 wrote: »
    Ok thanks for that. Site is close to an acre and would cost upwards of 100k if it has planning on it......
    Could I possibly come to an arrangement with the owner to purchase site as is for the minimum and if I don't get planning then maybe sell it back for same or is that out of the question???

    What's makes it so valuable, is it in a town / village / city?


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