Building house in parents garden & tax

Patboy

Registered User
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2
Hi,

My folks live on the outskirts of a small town & as a child i grew up playing in our massive garden to the side of my folks house.

My dad is quite old, in poor health now & unable for the upkeep of garden.

We have just received full planning permission to build a beautiful contemporary design house on the side garden of my parents house.

We have no immediate plans to start the build as we always said that we would wait for the next recession & then start. Now it’s looking like that recession could be arriving earlier than expected!!

We have not as yet done any of the legal work regarding transfer of ownership of the site & we now wondering what the tax implication may be?

The site is valued circa €30/40k & my folks will be gifting site to me. The site is circa 0.42 acres & I think read somewhere that building on parents garden would be exempt under gift tax if the site is of a certain size.

Can anybody advise what we should/need to do next?

Pat.
 
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