Question on Transferring a site of land costs

aisling1984

I am looking for the best way to sign over a site of land if anyone can advise me - would we avoid any costs if we bought the site rather than it been gifted to us by a family member ? Would it matter how much we bought it for ? If we were to pay €100 for it !! would we save on other charges like auctioneers valuation or capital gains tax for the family member ?

exaisle

In a word, no.

If the market value isn't paid for the site, it will have to be valued to establish what the market value is.

For CGT purposes, it's the same as if the family member had sold it to you. They will be liable to CGT if (in layman's terms) they make a profit on the sale.

For Capital Acquisitions Tax, it's highly relevant as to whether you paid for it or not, and would depend on what the actual relationship is between you and the family member, and the market value of the site.

Best advice is to go see an accountant who can advise on the specifics.

Mr. Incognito

Speak to a solicitor