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Gift of land and CAT

  • 02-03-2021 1:15pm
    #1
    Moggaman
    Registered Users Posts: 350 ✭✭


    I will be gifted small bit of land to build a house . I am married . If the land is transferred to me and my wife ie parent to child
    & spouse)..is that treated differently than if it was transferred just to me ie parent to child. I mean in terms of CAT? I know I can receive up to 335k without tax and my wife can receive 16k form my mother without tax. If the land was valued at 30k, does that mean that we are potentially liable for 33% tax on 14k
    I rang revenue.. they were not helpful... check the website!
    Thanks


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    I think this is what you were looking for.

    https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-19/19-07-02a.pdf

    See in particular 2A.4E

    Edit sorry this is from the view of the parent and CGT.


  • #3
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    Sorry, got interrupted earlier mid edit. As regards the child & spouse and CAT if the land is gifted to both the child and their spouse then the gift would use up portion of each party's CAT group threshold. ( you can deduct the small gift exemption €3,000 for each ). So if the site is worth €30,000 there is a gift of €15,000 to each of child & spouse from the child's parent then you'd be using €12,000 from each of their group thresholds. Unless each has already exhausted their thresholds there shouldn't be a problem.

    It could be transferred just to the child using up then €30,000 of their threshold. However a lender might then look for it to be in joint names before passing a mortgage. There is an interesting article here on this.


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