Gift tax from brother to sister

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pokerwidow

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I wonder can some give me any advice or tell me if I am over reacting?
I got a gift of €27,000 from my brother last year (March '06). I found on the revenue site that the brother/sister threshold is €49,682. I also found out that you are supposed to fill out a gift declaration form not later than four months after you receive the gift. Am I going to get in trouble for this? I am a sahm so I have no income.

Also my brother is looking for planning permission on his farm. The first application has been denied. I also have a site there but there is no way we will get planning. It is purely agricultural land. If I transfer my acre to him will it be seen as a sale in the eyes of the revenue? This land is of no use to me but gives my brother options on the location of his new house. We have our own home and another five acres that we are looking for pp. My husband owns this site. Do you advise that I leave it for a year or two?

Sorry if the above is a bit all over the place. Why did I have to go looking up revenue. Any help is truly appreciated. Thank you.
 
No you won't get in trouble- I assume this is the first such gift from a brother or sister?

The acre you wish to transfer to your brother is in your husbands name? What is the value of it?
 
Yes the first and last gift :)

No sorry the site (one acre) is in my name. There is another site in my husband's name that has nothing got to do with this. I mentioned it because posters might think I am mad giving away an acre, but it is of no use to me. Sorry for the confusion.

I forgot to mention that a local auctioneer told my brother it is only worth €30,000 tops. It has no pp nor does it have much hope of getting it. The council here have really clamped down on pp.
 
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I wouldn't worry about doing a CAT return- I think really they only want them if the value is over 80% of the threshold and you're below that. Anyway you can always do one retrospectively.

Your brother has the same threshold to take from you so you can transfer the site to him and it will depend on the value whether or not he pays CAT- also there is stamp duty and CGT to be looked at so really you should get a bit of tax advice before you do anything.
 
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