Site worth €160k, gift from mother, CGT and stamp duty implications

C

cam

Guest
Hi,
My parents are giving me a site to build. The site is valued at €160,000. As this is a gift from my Mother is there a CGT on it and also how much stamp duty will be have to be paid on it?.
Thanks
Cam
 
you are in the lucky position of having no liability for tax and neither do your parents. this is all on the proviso that you build on the site yourself and do not sell it on.
 
The 160K will be taken into account and added to any future gifts inheritance you receive from your parents up to a max of approx 480K.
In other words you can only inherit 320K from your parents before paying tax.
Tax is payable @ 20% on the excess.
 
This is from the Revenues web site -

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.​
 
My father died 7 years ago and left me and my mum the family home... we have now decided to sell the plot of land with it approx 3/4acre as a site... what tax liabilty do we have? Thw whole property is one acre in size..
 
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