capital gains

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NEEDHELP11

Guest
hi i will be getting land soon as part of a deal fr a family member is there a way around that im not got for tax can it be done as a 1 off gift
 
You will not be liable for CGT but the donor may well be. You could be liable for Capital Acquisitions Tax (Gift Tax) but the exemption limits are quite high for gifts from certain family members. Stamp duty on the transfer may also be an issue but, if applicable, is charged at half the normal rate for transfers between blood relatives. Lots of info on all of these taxes on the Revenue website but get professional advice if in any doubt.