bartbridge
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Myself and my OH are lucky enough to have been given a site to build on by my OH's father. Does it make any difference if the site is signed over before we apply for planning?
The site will be worth a lot more with planning permission, so there may be tax implications. Your solicitor should be able to advise.
Leo
So if the site is being given as a gift (which it is) to my OH and worth less than €400K then we are not required to pay tax??
Think we'll wait until after we get a planning decision....
I checked out the details in relation to this and the position is that a landowner may transfer a site up to the value of €254,000 as a gift to one of his sons or daughters for the purpose of building a house. There will be no capital gains tax or stamp duty payable within that limit providing the son/daughter retain ownership of the house for a period of (and I've half forgotten already) 4 years I think?So if the site is being given as a gift (which it is) to my OH and worth less than €400K then we are not required to pay tax??
Think we'll wait until after we get a planning decision....
So did ye end up paying the tax if it was in both names? What % would you have to pay?
I get ya now, because it wasn't a relative giving ye the site ye were able to put the site in both names, whereas if it's a relative giving the site you would be liable to pay tax if you did the same??
Or am I wrong?