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Cost of Transferring a site

  • 29-06-2016 12:58pm
    #1
    amrt
    Registered Users, Registered Users 2 Posts: 13 ✭


    My boyfriend and I have just got planning permission on a site.The planning is in both our names and we were told the mortgage needed to be too that's been processed at the moment. We need to get the site transferred over to us which is fine we both have our own solicitors, but can anyone tell me what tax we are liable to pay. We haven't had the site valued yet but it's roughly valued at 40k. The site is under half an acre. We are not married so what taxes etc would we be paying?


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,888 ✭✭✭✭Calahonda52


    First up, the title is misleading if the question is about tax on transfer of an assets, you might amend it.
    There will be legal fees and stamp duty and possibly CAT so what is the question about in terms of costs?
    Second up, from whom is the site being transferred as it is the relationship between the transferor and transferee that matters for CAT
    http://www.revenue.ie/en/tax/cat/thresholds.html

    I assume you had a letter from someone to say you could apply for the planning on something you didn't own

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    amrt
    Registered Users, Registered Users 2 Posts: 13 ✭amrt


    The site belongs to my father and yes we had a letter from him when we applied for planning. I am aware of all the legal fees and stamp duty so it's just the tax I am interested in. As myself and my boyfriend are not married I am just wondering what tax we are liable to pay if the site is valued at approx €40k?


  • #4
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,146 Mod ✭✭✭✭BryanF


    Stop, please - one thread is enough


  • #5
    ELBAOS
    Registered Users, Registered Users 2 Posts: 42 ✭ELBAOS


    As far as I am aware you can recieve over 200,000 tax free from parents but boyfriend can only recieve 15,000 so if site is 40000 his share is 20000 so he would have to pay 33% on 5000. That is my understanding anyway but ask solicitor.


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