Gift of site

[Patgdirector]

Complicated one here.
Was gifted a site by my parents to build my primary dwelling so no stamp duty or tax etc. planning was given on 0.5 acres as this is min to build a house on.
But this where it gets complicated turns out the site was only 0.37 acres not enough to build a house on it.

1. If I never build a house just let it their what are the tax implications?
2. If I sell it what's are the tax implications?
Thanks

 

[Joe_90]

Was gifted a site by my parents to build my primary dwelling so no stamp duty or tax etc.

Not sure what exemptions from stamp duty and Capital Acquisitions Tax you are referring to!!!

If your parent claimed "site to child" relief then this is clawed back on you!


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