H
HelloWorld
Guest
Hope to get advice from an Accountant but wondering if ye can help me with some questions please as I am a Tax dunce!
My wife and I hope to build a house (will be primary residence) soon on land (1/2 acre) that is to be gifted to me by my parents, we already have Full Planning Permission.
I read that Stamp duty and Capital Gains Tax do not apply where a parent transfers a site to a child, http://www.citizensinformation.ie/categories/housing/owning-a-home/buying-a-home/stamp_duty
and I heard that if the site was transferred to both my Wife and I then she might be liable to pay some Stamp duty on this gift?
If so then I suppose it would be better for us to transfer to my name only first and then for me to add my wifes name to the Land Registry at a later date?
Before marriage my wife bought a house, the Title Deeds to the House are in my wife's name but Mortgage is in both names.
Does this rule me in-eligable to have First Time Buyer status on the House I hope to build? ... probably
Am I/we liable for any other taxes on a new build house ?
My wife and I hope to build a house (will be primary residence) soon on land (1/2 acre) that is to be gifted to me by my parents, we already have Full Planning Permission.
I read that Stamp duty and Capital Gains Tax do not apply where a parent transfers a site to a child, http://www.citizensinformation.ie/categories/housing/owning-a-home/buying-a-home/stamp_duty
and I heard that if the site was transferred to both my Wife and I then she might be liable to pay some Stamp duty on this gift?
If so then I suppose it would be better for us to transfer to my name only first and then for me to add my wifes name to the Land Registry at a later date?
Before marriage my wife bought a house, the Title Deeds to the House are in my wife's name but Mortgage is in both names.
Does this rule me in-eligable to have First Time Buyer status on the House I hope to build? ... probably
Am I/we liable for any other taxes on a new build house ?