Tax Implications and transfer of assets between siblings

[singinvestor]

My parents are in the process of gifting their home and land holding to both my brother and I. The transfer includes a plot of land, which may have the potential to be developed into a residential site at some point. If planning permission can be obtained for this site, my brother and I would come to arrangement where one would take sole ownership of the site(to build their own home) and the other sole ownership of the family home. There would be no exchange of money as part of this transfer; just the separation of the ownership of the house and site into our individual names. I am wondering would there be any additional tax implications from doing this other than the gift and stamp duty taxes that would arise when my parents transfer the land holding and home into both our names?

 

[mf1]

My first reaction is not to do the first transfer into your names but to wait until you have all decided what would be the most tax efficient way of achieving the end result and doing that transfer only. Otherwise I think you'll get hit twice with Stamp Duty , CAT and potentially CGT.

mf