CGT on gift of site to son

sandymount said:

Yes

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6. Transfer of a site from parent to child

Section 603A Taxes Consolidation Act 1997 provides that Capital Gains Tax will no longer apply on the
transfer of a site from a parent to a child where the transfer takes place after 6 December 2000 and is to
enable the child to construct a principal private residence on the site. The site must not be valued at more
than €254,000 to qualify for the relief. However, if the child subsequently disposes of the site without
having occupied a principal private residence on the site for at least three years, then the capital gain
which would have accrued to the parent on the initial transfer will accrue to the child. However, the gain
will not accrue to the child where he or she transfers an interest in the site to his or her spouse.

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