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Land Transfer- Tax Implications

  • 15-03-2022 8:56pm
    Registered Users Posts: 3,320 ✭✭✭ Comic Book Guy

    Hi all,

    Just looking for some feedback from anyone who has recently gone through the process of inheriting land from their parents.

    My dad has recently started the process of transferring the ownership of his land to me. I've talked to a few different accountants and an auctioneer and got different feedback on the overall bill i will be facing at the end of the process and at this stage I'm getting bamboozled by the whole thing.

    On the issue of Stamp Duty I'll qualify for the 1% rate via Consanguinity relief. But I'm just trying to figure out the Capital Aquisition Tax implications. The home farm is due to be transferred from my dad to me but the value would be over the 335k threshold. One guy told me i would be paying CAT at a rate of 33% on every cent over this valuation which wouldnt be long running into a nice bit of money. However on reading the info on i would qualify for either Agricultural Relief or Business Relief which reduces the taxable value of the property by 90%. I'm trying to figure out where this 90% relief kicks in in relation to the 335k threshold. My wife and I also have our own house built on this block of land.

    Any feedback would be greatly appreciated, Thanks.