Gift Tax

Wondering if anyone can help me with this, i have looked at other posts but i am still a little unclear.

my uncle gifted my mother a site( transfer from brother to sister) , the site is valued at 65,000 approx. my mother is aware that she is liable to gift tax on approx 20,000 , but my question is is my uncle liable to any tax?

Possibly CGT depending on when your uncle obtained the site, the value then, whether he is a farmer over 55 and has owned it for 10 years etc.

Vanilla


He inherited a farm approx 20 years ago, he has sold some of it about 4 years ago, he is under 55 years old. how is CGT calculted for him?

When he inherited the land, a value would have been put on it- possibly a figure per acre. This is the figure taken as the acquisition price and against that is the disposal price- i.e €65000.00. But he is entitled to take into account the legal fees when he inherited, any legal fees on the transfer, his small gains exemption and if it is not classed as development land, he can index the original figure using an indexation factor which depends on the year of acquisition and year of disposal. His accountant will be able to do the calculation for him, but will need the original value given when he inherited.

Thanks for the information, it is exactly what i was looking for