Signing Over A Site.

B

Be Jeaney

Guest
My son who is recently married has planning permission for a site on my land, he now intends to build on same I intend to gift him this site. I already have given him a €15K deposit for a new house 2 years ago. What is now the best way of (Tax wise) signing over the site to him ,value about 150K should I include his wife name, must I legally have a written value on the site at the time of signing. What are the tax implications for my son later on in life.
 
might be of interest to you:
Site transfers from parent to child

Stamp Duty and Capital Gains Tax do not apply where a parent transfers a site to a child. The site must be for the construction of the child's principal private residence and the market value of the site must not greater than 253,947.62 euro. A parent can only transfer one site to each child to take advantage of this exemption. If the child then sells the site without the principal private residence being built and lived in for 3 years, there will be a clawback of the capital gains tax relief permitted. There will be no clawback if the child dies.
Click to expand...
 
If the 2 of them are looking for a mortgage together then you will have to sign over the site to the 2 of them. Thats what we had to do and because we starting building just before we got married my wife had to pay gift tax.
 
Thank you Kerinsp, I am assuming because they are now married my daughter in law will NOT have to pay tax on the site. ?
 
I'm not sure that that assumption is valid. On the other hand it may be possible to sign the site over to your son and then he can sign it over to their joint names with no tax/stamp duty implications in either case.
 
She should be ok, there are allowances for next of kin (I don't remember what they are)
If we were married at the time of signing over then there would have been no gift tax to pay.
 
Best to get independent, professional confirmation on stuff like this just to be careful/prudent. You don't want anybody to be landed with an unexpected tax bill.
 
You should be able to find that info on the revenue's website.
 
site in joint names

"If the 2 of them are looking for a mortgage together then you will have to sign over the site to the 2 of them"

Actually, many lenders will not insist that the property be in joint names (though they will of course require that both parties execute the mortgage deed).
 
You must log in or register to reply here.
Back
Top