Land exchange between siblings

M

MickeyK

Registered User
Messages
2
Hi, could someone advise what is the best path to proceed with this situation, please.
I have a field gifted by a sibling to me 9 years ago, valued then at €25k, now estimated €60k. I want to swap it with another sibling for another field, estimated €75k.
Should we sell to each other and what are the liabilities tax wise? Or if we transfer what is tax liability? Just wondering what is best method to limit amount of tax due. Appreciate any help to a complete novice.
 
I suggest you talk to an accountant.

This looks like you will have CGT on your sale, possible CAT on the 24K difference in values and stamp duty @7.5% .

Best to get proper advice.

mf
 
Are either of you farmers? There are reliefs available for farm consolidation that could be investigated if you are.
 
You must log in or register to reply here.
Back
Top