gifting a site to a child

M

mick23

Registered User
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Hi folks , just looking for some advice if possible.

im recently married , my parents have a small site (under 1 acre) near them which they are willing to transfer to me for the purpose of me building my primary residence. i understand that if they do this they will not be subject to CGT but I will be subject to stamp duty .

im just wondering that if they do transfer this site to me , does this mean that my inheritance threshold will be reduced by the value of the site ? the site is worth approx 50k. i see the threshold is currently €225,000 so if the threshold stayed the same would it then be €175,000?

thanks for the help

m
 
There is an annual exemption of €3,000 per gift so 2 parents the gift would be €44,000 used of your threshold.
 
ok thanks , so my threshold will be reduced ? and am i correct in thinking that i will have to pay stamp duty but my parents wont be liable to cgt ?
 
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