someone might be able to give advice here ....
My father's family has occupied 1.1 acres of commonage next to their own ~ 30 acreas of land for the past 80+ years. My gandmother left this 1.1 acre site to an uncle after she passed away in '93 (he lives in the states and never registered it in his name). Recently he gave it to me as a gift. During the registration process, we discovered the site was never actually registered by the family (grandmother) and that technially it is still commonage. Our solicitor is registering it in my name (with proof of occupation for past 80 years) ... I agreed to pay my uncles CGT for this transfer --- I had calculated the 22% CGT based on him aquiring it in 1993 and disposing of it in 2009, factoring in index linked & personal tax exemption ... (As its valued below €52K, i won;t pay gift tax)
But now since he is not disposing/transfering the land, will CGT tax still apply? and if so, how will it be calcuated?
any adivce here would be much appreciated. I can't find anyhting on the internet regading the tax implications of registering occupied property.
Thanking you in advance.
My father's family has occupied 1.1 acres of commonage next to their own ~ 30 acreas of land for the past 80+ years. My gandmother left this 1.1 acre site to an uncle after she passed away in '93 (he lives in the states and never registered it in his name). Recently he gave it to me as a gift. During the registration process, we discovered the site was never actually registered by the family (grandmother) and that technially it is still commonage. Our solicitor is registering it in my name (with proof of occupation for past 80 years) ... I agreed to pay my uncles CGT for this transfer --- I had calculated the 22% CGT based on him aquiring it in 1993 and disposing of it in 2009, factoring in index linked & personal tax exemption ... (As its valued below €52K, i won;t pay gift tax)
But now since he is not disposing/transfering the land, will CGT tax still apply? and if so, how will it be calcuated?
any adivce here would be much appreciated. I can't find anyhting on the internet regading the tax implications of registering occupied property.
Thanking you in advance.