Inheritance of house from mother

M

megabyte

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If a mother wanted to give a small cottage with 3 to 4 acres of land to her daughter what will she be looking at regarding stamp duty ,taxes etc.etc.
Mother has here own home as does daughter.
So this will be an extra property the daughter will own.
How will this affect tax or social welfare for both partys.I was told this information is now passed onto the tax office as you have to give your RSI number when receiving property.
 
You say inheritance but then suggest a gift, which is it?

If a mother gifts property to her daughter, the mother will be subject to CGT at 20% on the uplift in value of the property since she acquired it to its market value on the date of the gift (with allowances for indexation and acquisition costs).

The daughter will receive a taxable gift to her mother and, if this gift, together with other gifts or inheritances received from her parents since December 1991, are worth over €496k, CAT at 20% will be due on the excess.

Stamp duty will apply at half the normal rate, based on the market value of the property.
 
Is there any real necessity to gift it now as opposed to leaving it in a will? A lot of tax will be saved.
 
1) If the same event gives rise to both CAT and CGT then the CGT paid may be used as a credit against the CAT due. Not relevant if no CAT payable through operation of thresholds.

2) No CGT on disponer if passed on inheritance, so she might just consider passing in her will to daughter.
 
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