Being gifted a site to build, CGT?

Silkie · 22-01-2012 11:18AM #1

My mother is giving a site for myself and my partner to build a house. The site is 1/2 an acre, not sure on the value probably around 80k.

How do we go about makiing this transfer without having to pay gift tax or CGT on it?

If the site is transferred just to me, as far as I can tell from what I've read, we'll be exempt from paying anything.

But if thats the case, will the site in my name only have an impact on the planning or mortgage in both our names?

The mortgage will have to be a joint thing, neither of us would get the amount we need individually.

Eleganza · 22-01-2012 11:29AM

http://www.wicklowpeople.ie/news/parents-move-to-transfer-sites-before-taxing-times-2036978.html

Silkie · 22-01-2012 11:45AM

Eleganza wrote: »

http://www.wicklowpeople.ie/news/parents-move-to-transfer-sites-before-taxing-times-2036978.html

Thanks for your reply, so do I take that to mean the old rules still apply or it has all changed?

Probably best to speak to a solicitor but was just musing over it last night and decided to ask here this morning.

Mr. Incognito · 23-01-2012 10:35PM

That link is from Jan 2010

It is because of useless and dangerous links like that that property threads are closed around here

Read the charter.

Seek a professional

Any more property threads and links to nonsense will receive bans.

Being gifted a site to build, CGT?

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