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Land transfer - tax implications

  • 14-06-2018 2:47pm
    #1
    Monife
    Registered Users, Registered Users 2 Posts: 3,014 ✭✭✭


    Hi,

    I have potential access to a site on my grandmother's land to build a house. I will be engaging a solicitor etc. but thought I would ask here first.

    A few questions:

    1. What would be the most tax efficient way to transfer this site?
    2. Would it be better to transfer it to my dad and then to me so that I have a higher gift tax threshold?
    3. What tax is applicable on land transfer - is it just gift tax paid by me or will my grandmother/dad be subject to any taxes or other costs (apart from solicitor)?
    4. Is tax paid on the market value of the site? If so, how do you find out what the market value would be? (I have had a look on daft.ie etc for similar plots of land in the area but didn't have much luck)

    Many thanks.


Comments

  • #2
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    You do need to ask a professional adviser.

    But just to pick off a couple of basic points:

    2. Doesn't work due to "gift-splitting" rules
    3. Capital Gains Tax for grandmother possibly and Stamp Duty for you
    4. Yes. You engage a valuer.


  • #3
    Monife
    Registered Users, Registered Users 2 Posts: 3,014 ✭✭✭Monife


    dogsears wrote: »
    You do need to ask a professional adviser.

    But just to pick off a couple of basic points:

    2. Doesn't work due to "gift-splitting" rules
    3. Capital Gains Tax for grandmother possibly and Stamp Duty for you
    4. Yes. You engage a valuer.

    Many thanks for your reply. Wasn't aware of gift splitting, gave it a Google, yep that won't work :( looks like I'm in for at least 50k gift tax (assuming the site is only worth 200k and taking into account mine and my husband's reliefs).


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