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Gift tax/ CAT headache!!

  • 30-05-2017 3:56pm
    #1
    spursfan79
    Registered Users, Registered Users 2 Posts: 37 ✭


    Ok, my wife has been gifted a site by a family friend. We have since got planning permission on the site.
    We have agreed to pay any fees and taxes incurred by the seller and of course our own. Thing is, we have got the site valued twice now but the sellers solicitor is unhappy as he feels it's too low!! This will push up the burden we will have to pay. We've got absolutely no indication of what tax we will have to pay yet. The site for arguments sake is worth €70k. Can anyone tell what tax and how much we would have to pay for ourselves and the seller????
    TIA.


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    I'm confused. If your wife is being gifted the site, who are you referring to as the "seller"?


  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 14,039 ✭✭✭✭Geuze


    If somebody gifts you an asset, then you pay the CAT.

    The disposer does not pay any CAT.


  • #4
    Geuze
    Registered Users, Registered Users 2 Posts: 14,039 ✭✭✭✭Geuze


    Okay, what you may be getting at is that the disposer may face a CGT liability on the disposal of the asset, as well as you the receiver facing a CAT liability?

    If so, read this:

    http://www.revenue.ie/en/tax/cat/guide/credit.html


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