CGT on Gifted Site to my son

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Fredda

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I am gifting a site to my son to build his home on, he already owns a house but he intends to make this new house his main residence, will I have to pay CGT on the actual value of the site.??
Fredda.
 
The rule on this is that and once the site is valued at less than €254k and a house is built as his personal private residence then there is no CGT liability. However, if your son should decide to sell the house within 3 years of living in it, then CGT will be liable on the initial transaction.
 
The ruling on this is that once the site is valued at less than €254k and the house is built for his own personal private residence then there is no CGT tax liability. However, should your son sell the house within 3 years of moving in then a CGT liability will be incurred on the initial transaction.
 
Sorry about the two replies. I was initially told by the administrator that the first reply did not go through so I re-jigged my message and sent it again
 
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