Inheritance Tax Help Please

[TonyTestman]

Hi there,

I now live in what was previously my our family home, my parents now live next door, I have been living here with my wife for the past 3 years.

My parents are going to sign the house over to me in the near future so that I can get a loan for renovations/extension but I am worried about the gift tax/inheritance tax that will may be payable.

Does anybody know if I will be liable for gift tax? the house is worth less that €400k.

Thanks,

Tony.

 

[Graham_07]

Have a read of [broken link removed] relief. Note that an important change in 2007 was that for any gifts (not inheritances ) after 01/02/2007 of house from parent to child, the parent must have vacated the house at least 3 years prior to the gift. ( Section 86, Capital Acquisitions Tax Consolidation Act 2003 ) Talk with your solicitor before anything is signed as you may qualify for a relief from C.A.T.