Site for building from Parents

[Ana14]

hi, my parents gave us a site to build our own house on. After a long, long, long (you get my drift!) battle with the council - we have just got word that we can go ahead and build. My parents just retired last year and we really would like to give them money for this site to enjoy their retirement with. We know we will have a battle on our hands for them to agree but we are adamant that they should get something. Anyone how much money we can give them without anyone being stung for CGT or any other obtuse tax that i don't know about? Or any other options - buy them a holiday home or something?

 

[bazermc]

you options are really limited anything you give them could be liable to what is called gift tax at 20% of the value of the gift. you can gift up to €46k to your parents with out creating a gift tax liability...again buying them someting would be liable as if you gave them a cheque. stamp duty would aslo arise if you gifted them a property although its half the usually rate because you are related