gift of agricultural land

[legal33]

My uncle wants to gift me 2 acres of agricultural land which has a market value of approximately €20,000. It's not for a site to build a house on. Just for sentimental reasons which I am very appreciative of.

We are aware that he will have to pay one of CAT or CGT (not sure which one) because he was given the land over 30 years ago. I would be under the threshold for gift tax.

1. Do we need a solicitor?
2. If we do need a solicitor, would it be as expensive as selling a house?

Many thanks

 

[Protocol]

CGT is capital gains tax, paid if you make a gain on an asset. As you are not disposing of an asset, you won't have a CGT liability.

The donor may have a CGT liability. I assume they would, even if they give away the asset.


CAT is capital acquisitions tax, paid if you receive a gift or inherit an asset.

The tax free limit for uncles to nephews is approx 40k. So it seems you will not have to pay CAT.

 

[mf1]

"1. Do we need a solicitor?
2. If we do need a solicitor, would it be as expensive as selling a house?"

1. Yes.
2. Without knowing the ins and outs, its impossible to say. If the title is registered, is in the uncles name etc.,etc it will cost but not as much as if the title is a mess and the legalities were not completed 30 years ago, which is entirely likely.

Do some basic homework and ask some local solicitors for a quote. You will also a land registry compliant site plan to complete.

mf