Gift tax? Stamp duty?

W

warren631

Guest
Could you please say what tax should be paid on the following:

A man wants to give each of his four brothers a share of his property so there would be five joint owners each owning a 20% share. The property is residential worth 200,000 so each brother would receive a gift worth 40,000. What would be the tax liabilities for each brother? Gift tax? Stamp duty?

Thank you,
Warren.
 
There would be no stamp duty liability in relation to this as none of the transfers exceed the €125,000.00 exemption. You should ensure that your solicitor completes each transfer on a separate deed in order to ensure this. In terms of Capital acquisition Tax which is the tax which applies to gifts and inheritance. Fortunately your brothers as lineal ancestors qualify in the group B threshold exemption for CAT. This means they are entitled to receive a gift/inheritance of €41,481 before they become liable for CAT. So assuming they haven't taken any previous gifts with in this threshold category they will not be liable for CAT Beyond that the only other fees to be incurred will be Land Registry and legal fees
 
Is there a possible liability to Capital Gains tax on the Donor. Is this the donors PPR or other property
 
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