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CGT Reversal of Site Contract allowed?

  • 30-05-2013 11:24PM
    #1
    Gary7
    Registered Users, Registered Users 2 Posts: 13 ✭


    Hi, entered into contract with brother for site, mkt value €30,000, no payment as gift but he's liable to CGT. Have since bought new site and don't want brothers - is it possible to simply reverse the contract? Any thoughts would be great
    Tagged:


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Gary7 wrote: »
    Hi, entered into contract with brother for site, mkt value €30,000, no payment as gift but he's liable to CGT. Have since bought new site and don't want brothers - is it possible to simply reverse the contract? Any thoughts would be great

    Has the contract been stamped?


  • #3
    Gary7
    Registered Users, Registered Users 2 Posts: 13 ✭Gary7


    Yes, the contract was stamped when initially signed. A friend advised today that a deed of revocation could be used to reverse it, it sounds straightforward, but I'll probably lose out on the stamp duty.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    A friend, Boards?

    You appear to have entered into a legally binding contract you do not want to honour.

    Seek professional advice. He could easily sue you for specific performance.

    Thread closed.


This discussion has been closed.
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