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CGT Query

  • 21-01-2021 6:41pm
    #1
    nobody told me
    Registered Users Posts: 293 ✭✭


    I am in the process of being gifted a site by my uncle that is currently agricultural land. It has been valued at 20k.

    I would like to apply for planning permission and build a house on the site.

    Given that the site would be worth a lot more with planning permission, could the revenue come after him for CGT.

    TY in advance for any advice


Comments

  • #2
    Fedlot
    Registered Users, Registered Users 2 Posts: 15 ✭Fedlot


    nobody told me wrote: »
    I am in the process of being gifted a site by my uncle that is currently agricultural land. It has been valued at 20k.

    I would like to apply for planning permission and build a house on the site.

    Given that the site would be worth a lot more with planning permission, could the revenue come after him for
    TY in advance for any advice

    If the valuation. Is from qualified auctioneer at transfer and before you look for PP then it’s His professional opinion and that will be what the revenue will look for if there is a query . If you wait to transfer until there is PP , then the auctioneers valuation will be higher and revenue could look at cgt for your uncle and gift tax for you . If he is a farmer your uncle may get retirement/ entrepreneurs relief anyway depending on his circumstances . But unless you are a favourite nephew and there is a farm involved then you may be over the gift threshold between uncle and nephew. If you are likely to receive any further gifts into the future then see an accountant to make sure you both qualify for reliefs in time.


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