S
steph
Guest
I’ve been reading up on CAT/CGT but still looking for some help.
My father is looking at transferring the original family home (his home) and 4 acres of adjoining land to me.
I was originally going to let this to be willed to me and leave it at that but I’ve been advised (by his solicitor) to get it sorted asap as a family rift may mean my dads will being objected to and in that case all of his lands could be sold and divided up between the family.The objection may come from another member who depsite being given most of the land still feels he should get everything. Some have already sites transferred but this may be different as this involves his PPR
The value of the property incl the house would be approx €350,000 - €400,000 max as the house would need a good bit of work and the rest of the land cant be built on.
I currently have my own house with my husband and I have never received any gifts/ inheritance previously.
My queries are:
What tax would I be liable to - seen as I haven’t lived in the house for a number of years? My dad has lived there by himself for the last 6 years (I stay some nights each week with him but my PPR is a different house). I would not intend on living there in the foreseeable future
What tax, if any, would he be liable to?
If I then owned the house, he would have no PPR as such would I then be considered a landlord and again what would the tax implications be?
Also would either of us be subject to Stamp Duty???
I don’t know if I need to go to a tax advisor or a solicitor or do I need both for different parts of the advice. I’d really like to have an idea of the tax implications first !!!!
Many thanks
S
My father is looking at transferring the original family home (his home) and 4 acres of adjoining land to me.
I was originally going to let this to be willed to me and leave it at that but I’ve been advised (by his solicitor) to get it sorted asap as a family rift may mean my dads will being objected to and in that case all of his lands could be sold and divided up between the family.The objection may come from another member who depsite being given most of the land still feels he should get everything. Some have already sites transferred but this may be different as this involves his PPR
The value of the property incl the house would be approx €350,000 - €400,000 max as the house would need a good bit of work and the rest of the land cant be built on.
I currently have my own house with my husband and I have never received any gifts/ inheritance previously.
My queries are:
What tax would I be liable to - seen as I haven’t lived in the house for a number of years? My dad has lived there by himself for the last 6 years (I stay some nights each week with him but my PPR is a different house). I would not intend on living there in the foreseeable future
What tax, if any, would he be liable to?
If I then owned the house, he would have no PPR as such would I then be considered a landlord and again what would the tax implications be?
Also would either of us be subject to Stamp Duty???
I don’t know if I need to go to a tax advisor or a solicitor or do I need both for different parts of the advice. I’d really like to have an idea of the tax implications first !!!!
Many thanks
S