tax oblgation on gifting a property to son. (property is a business asset, not privately owned)

paolom

Hi There

This question relates to the transfer of a residential property to my son., however the property is owned by my business so not in my own private ownership.

I understand that if this were a privately owned dwelling there is CAT at 33% on anything above the 360k inheritance threshold but as this property is owned by my company i don't know if the normal CAT / inheritance CGT limits apply

Advice here would be appreciated.

Geuze

The company may have a CGT liability.

https://www.revenue.ie/en/companies-and-charities/capital-gains-for-companies/index.aspx

StevenToast

A company is an entire separate entity to you....so a gift from the company to your son would fall into Group C category....significant CAT exposure for your son....CGT for company...

Talk to a professional about better ways to do this....look at gifting shares of the company...get business relief for son etc....

3DataModem

If the son is an employee of the business, this may be seen as "income" too, so talk to a professional.