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CAT and CGT

  • 05-12-2019 10:56pm
    #1
    Danniilong
    Registered Users, Registered Users 2 Posts: 51 ✭✭


    Looking for information regarding taxes. Looking to buy parents house for less than market price so some will be gifted (less than the threshold). Also we will be selling our house to buy this. Will either us or parents need to pay tax on this transaction? Will the house need to go in just one of our names?


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,033 ✭✭✭✭Geuze


    If the house you are selling is your PPR = no CGT.

    If the house the parents are selling is their PPR = no CGT.

    If the reduction in sale price = gift, is being given to two people, then the relevant CAT rules apply.


  • #3
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,887 ✭✭✭✭Calahonda52


    To avail of the Group A Threshold house will need to come to child only for the partner not to classed as C for half of it.
    Group A
    A son or daughter of the person giving the gift or inheritance (the disponer).

    Group B
    A parent, brother, sister, niece, nephew, grandparent, grandchild, lineal ancestor or a lineal descendant of the disponer.

    Group C
    People with a relationship to the disponer not already covered in Groups A or B

    “I can’t pay my staff or mortgage with instagram likes”.



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