Property Tax/Cost

Cupatae

So a relative of mine who is old now, wants to give me a bit of land, its in the country side , and size wise could build a house on it, im wondering what would the costs of receiving such a bit of land would be and what would the process look like? Any help/info be greatly appreciated

Victor

If you are gifted the site, you would be liable for CAT, but there are exemptions: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/index.aspx

A solicitor would be required on each side. Fees and expenses would be incurred.

Assuming there aren't problems with the ownership of the land, it should be straight forward and could be done in a few months.

Make sure you can actually build on the land. If it is not zoned residential and you don't live there, getting planning permission might be quite difficult.

Cupatae

Victor wrote: »

If you are gifted the site, you would be liable for CAT, but there are exemptions: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/index.aspx

A solicitor would be required on each side. Fees and expenses would be incurred.

Assuming there aren't problems with the ownership of the land, it should be straight forward and could be done in a few months.

Make sure you can actually build on the land. If it is not zoned residential and you don't live there, getting planning permission might be quite difficult.

Thanks very much victor,

Robbo

There will also be Stamp Duty payable based on the market value of the site.

Cupatae

At this rate im just wondering if ill even be able to afford to take it..