How best to transfer 5 acres of land from parent to child (gift or Will?)

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sharkattack

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Hi,

My mother wants to transfer about 5 acres of land to one of her siblings. She is wondering is it best to transfer it before she dies or put it in her Will. What would be the tax implication for her and her sibling who is getting the land for free. The land is farm land but she or her sibling are not farmers. It was land that she inherited herself (but money changed hands for it) years ago and its rented out ever since.
So would it be best tax wise to transfer it before she dies or not in terms of tax? No intention to build on the land or anything in the near future if that makes a difference.
 
sharkattack said:
Hi,

My mother wants to transfer about 5 acres of land to one of her siblings. She is wondering is it best to transfer it before she dies or put it in her Will. What would be the tax implication for her and her sibling who is getting the land for free. The land is farm land but she or her sibling are not farmers. It was land that she inherited herself (but money changed hands for it) years ago and its rented out ever since.
So would it be best tax wise to transfer it before she dies or not in terms of tax? No intention to build on the land or anything in the near future if that makes a difference.
Click to expand...
 
sharkattack said:
Hi,

My mother wants to transfer about 5 acres of land to one of her siblings. She is wondering is it best to transfer it before she dies or put it in her Will. What would be the tax implication for her and her sibling who is getting the land for free. The land is farm land but she or her sibling are not farmers. It was land that she inherited herself (but money changed hands for it) years ago and its rented out ever since.
So would it be best tax wise to transfer it before she dies or not in terms of tax? No intention to build on the land or anything in the near future if that makes a difference.
Click to expand...
Can you explain how it was inherited but paid for? I'm also confused about your heading as you state Parent to Child but you're talking about your Mother transferring it to a sibling (brother/sister)?
 
Sorry for dragging this up again. The Gift is from Mother to Son. What would be the stamp duty to be paid on the Agricultural land if it was say valued at 120K assuming no farming reliefs etc available
 
Mother to son, is not sibling to sibling. Money changed hands in the transfer to her, is not an inheritance.

Perhaps you need professional tax advice rather than this BB.
 
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