Irish law. Signing over share of jointly owned property.

[marydrk]

Re: Irish law.
My brother and I are joint owners of a property. He is willing to sign his share over to me. Can this be done without incurring tax? There are no outstanding debts or loans on the property. I think it would come under being classed as a `gift` but Im not sure, any advice much appreciated. Tnx

 

[trasneoir]

AFAIK all but the first €30,150 of this gift would be taxable at 33% unless the following applies to you: http://www.revenue.ie/en/tax/cat/leaflets/cat10.html

For example, if the house is worth 200k, that means you would owe revenue (100k-30k)*33% = 23k