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CGT + CAT Tax Question

  • 11-10-2017 11:00am
    #1
    tonkpills
    Registered Users, Registered Users 2 Posts: 237 ✭✭


    Looking to buy the house of my uncle and I know I will have to pay CAT on the difference between the current market value of the house at the time of purchase as this is essentially a gift from my uncle.

    Questions:
    1] How many valuations would I have to get to determine the market value of the house to calculate the CAT?
    2] Can I deduct the legal + stamp duty costs of purchasing the house from the market value to calculate the CAT?
    3] My uncle will have to pay CGT on the gains from the difference of the selling price - (purchase price + inflation + work done on the house). Because the house is being sold and part gift is he liable for CGT on the gift?
    I notice on the revenue site it says "If you gift an asset to someone instead of selling it, you still pay CGT. You should use the market value of the property at the date the gift was given to calculate your CGT liability."link

    Thanks.


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