CGT free house if my parents are over 65?

[Donrr123]

I am not sure if I am reading it correctly. Link as below.

So if I live in the house for 3 years with them without owning a house, then when they turn to 65 they can gift me the house under the exemption for a dwelling house which means CGT free?

https://www.revenue (DOT) ie/en/gains-gifts-and-inheritance/cat-exemptions/dwelling-house/qualifying-conditions-gift-on-after-251216.aspx

 

[Protocol]

You mean free of CAT.

Qualifying conditions for a gift on, or after, 25 December 2016​

You will be exempt from Capital Acquisitions Tax (CAT) on receipt of a gift of a dwelling house if, at the date of the gift:

• you are a dependent relative of the person making the gift (or of their spouse or civil partner) because you are:
  • unable to maintain yourself due to being permanently and totally incapacitated by mental or physical infirmity
  • or
  • aged 65 years or over at the date of the gift
• the house was your main home for the previous three years
• and
• you do not own, or have an interest in, any other house.

(1) you must be disabled, or you must be over 65
(2) you must be living in the house as your home
(3) you don't own any other house

If you meet those three conditions, then you don't have to pay CAT if you receive the house as a gift.



Of course, this exemption from the normal rules of CAT applies as wella s the normal 400k exemption.

 

[TomEdison]

1. You mean CAT-free, not CGT-free.

2. No. It is not they who must turn 65 before the relief is avialable; it is you. To claim this relief you have to be a "dependent relative", "dependent" meaning either that you are unable to maintain yourself due to permanent total incapacity, or that you are over 65.