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Tax implications for gifted site

  • 15-09-2020 11:33am
    #1
    El Gato De Negocios
    Registered Users, Registered Users 2 Posts: 7,330 ✭✭✭


    Hi all.

    Looking for a steer if possible.

    My wife and i are going to build a house and my parents are gifting us a site. Its currently designated agri land and valued at approx €10-12k. When planning is granted it will be worth circa €40k.

    What i have been reading online is that it makes more sense to transfer the site before planning is granted as it is worth less so I have no issue doing that. The question is whether it should be transferred into my own name only or jointly with my wife? If transferred to joint names are there additional tax liabilities?

    Can someone advise roughly what liabilities I / we will have in terms of CAT and stamp duty and also if there are any implications for my parents with the gifting. Obviously we will cover any costs my folks would incur.

    Not sure if salaries come into it but we are both taxed in the higher bracket with a combined gross income of approx €155k.

    TIA.


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