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Tax on Land Transfer - Self Build

  • 22-05-2019 3:46pm
    #1
    [Deleted User]
    Posts: 0 ✭


    My wife had a site gifted to her in the last year and is now in her name.

    We may look to get planning on this site but I'm advised that if we were to build the title on the property would be in her name only.

    What are the implications/cost of transferring the site ownership to joint ownership?


Comments

  • #2
    heretothere
    Registered Users Posts: 614 ✭✭✭heretothere


    Transfer of assets between married couples does not have any tax.

    I presume she paid taxes on her inheritance of the site last year.


  • #3
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    heretothere wrote: »
    Transfer of assets between married couples does not have any tax.

    I presume she paid taxes on her inheritance of the site last year.

    Between couples does not but there are rules around regifting gifted assets and there can be claw backs.

    The transfer to his wife would have been tax free due to the large threasholds but if the op has a minimal tax free threashold as his parents in law are essentially strangers so he could have a tax liability if put in his name also at the start or soon after the transfer to his wife.

    When gifting sites it’s the norm to only put it in the son/daughters name to avoid this and to transfer while it’s still farm land to minimize use of the son/daughters lifetime threadhold as farm land is worth a lot less than land with planning.

    Also she would have had to pay the non-residential rate of stamp duty of 6% but 2/3 of this can be reclaimed if a house is built on the site within a certain (fairly limited) time frame so that’s something to keep in mind op.

    Overall in these matters it might be no harm having a quick meeting with a tax consultant.


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