Parents giving me site...

[Irldigi]

Couple of questions so that I can establsih some basic facts before further investigation.

My parents have offered to give me piece of land to build a house, which will be PPR. At the moment the land is simply agricultural with no services or planning.

It is unlikly that any money will actually be exchanged when we transfer title, however, I would envisage paying them money at a later stage, maybe even small payments over a number fo years.

Can anyone advise regarding the tax implications for both my parents and me ?

Thanks,

D

 

[stobear]

Sorry, can't really help, but when I saw the topic initially I thought it read 'Parents giving me s*ite'.

 

[polaris]

Regarding the gift of a site from parent to child, as long as its value is <254k and the house that you build is your PPR, there are no stamp duty or CGT implications for both parties.

However, if you are paying money to your parents in a few years time, be aware that a threshold of 46,673 euro applies to gifts made by a person to his/her parent.