CGT on the sale of agri land

J

jackey

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Hi My father signed over farming land to me and I sold it recently, am I liable for Capital Gains tax and if so at what %. Thank you
 
You would not be liable for CGT but you could be liable for Stamp Duty and/or Capital Acquisition Tax/Gift Tax. He could be liable for CGT. There are certain exemptions from Gift Tax on gifts between family members. Stamp duty on asset transfers between blood relatives are charged at half the normal rate. There is summary information on all of these taxes on the Revenue website but you would probably be as well to get independent, professional advice just to be sure of any liabilities on both sides that arise.
 
Thank you, I thought I would be liable for CGT as I sold the property. My father did not make a profit on it so he would be exempt I would imagine.
 
Sorry - I misread your post and thought you were talking about the transfer from your father to you. Were there any tax issues on this transfer? Don't assume that there were not without professional advice. If you subsequently sold the land on then you could well be liable for tax although there may be allowances/exemptions on agricultural land. Again the Revenue summary guides may help but professional advice is a prudent idea.
 
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