selling land received as gift

G

Gbean

Guest
Hi,
I received a gift of land from my dad on which to build a house. Discovered this wouldnt be possible & am now hoping to sell land (have a buyer). Can anyone tell me what will tax implications be? Someone told me that if I sell land with in a year of receiving it, I will have to pay more tax? Land is worth about 200k

thanks
 
It depends.

If your father availed of the CGT exemption on gifting a site to a child, you will now be liable to his CGT on the uplift in the site from when he first acquired it to when you received it.

In addition, if the stamp duty relief was availed of, it will also be clawed back.
 
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