Inheritance Tax from farm

Hi,
I have a question on farm inheritance tax in Ireland.
Here is the scenario
1. Half of farm (Full farm value now circa 1 million) signed over to me from mother when I was 17 (about 1992).
2. Farm is now in joint names since then between me and mother.
3. I am now planning to build a new dwelling house on a site on the farm(< 1 acre).

Questions.
1. Am I liable for inheritance tax if I build a house on a site
2. What tax would I be liable for the farm was signed over to me, in full.

Thanks

FarmToBe said:

Hi,
I have a question on farm inheritance tax in Ireland.
Here is the scenario
1. Half of farm (Full farm value now circa 1 million) signed over to me from mother when I was 17 (about 1992).
2. Farm is now in joint names since then between me and mother.
3. I am now planning to build a new dwelling house on a site on the farm(< 1 acre).

Questions.
1. Am I liable for inheritance tax if I build a house on a site
2. What tax would I be liable for the farm was signed over to me, in full.

Thanks

Click to expand...

Why would building a house on the land trigger a charge to Capital Acquisitions Tax?

Why would you be liable to pay Capital Acquisitions Tax on your own land?

From what you what you said above the lands appears to have been gifted to you in 1992, a charge to Capital Acquisitions Tax would have been triggered when you received the initial land. I assume you paid stamp duty on the change over of names?

Did your mother pay Capital Gains Tax?

If you haven't paid CAT/CGT on the initial transfer then you could be liable to serious interest and penalties on the tax.