Gift Tax on Site

[sally2007]

My brother is gifting me a site subject to getting planning permission. The site would be valued at about 100k and I've just found out I've to pay gift tax at 20% on 70k worth of the site i.e. e14k

Is it possible for my brother just to gift me an acre of agricultural land valued at e20k so I don't have to pay tax on it at all (as it's below the 30k threshold) and then for me to apply for planning on it on my own once it's in my name????

 

[qwerty?]

Is it possible for my brother just to gift me an acre of agricultural land valued at e20k so I don't have to pay tax on it at all (as it's below the 30k threshold) and then for me to apply for planning on it on my own once it's in my name????

Should be possible as our solicitor told us we were stupid to have gone and got FPP on our almost 2 acre site without transferring the 'field' into my wifes name first. (Her father gave it to us.)

 

[browser]

The gift tax threshold between brother is higher than €30k - it is €49,682 - see the revenue link below


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