Squatters Rights - Stamp Duty

[soloeffort]

Basically my farther has farmed the land in question for 20 years and has now applied for the deeds to be put into his name.Before my father his uncel and prior to that again his grandfather farmed the land but never had the deeds transfered to their name. My question is if my father is successful in his application and the deeds are put into his name, what kinda tax/stamp duty will he need to pay. There is also potentially 2/3 acres of land that could be used as potential sites, will this be charged differently to the farming land?

 

[Vanilla]

There is no stamp duty on a squattors application.

Potentially there could be CAT though.

 

[soloeffort]

hi, i knew there was something but just wasn't sure. what is CAT or where can I read more information on it?

 

[Vanilla]

CAT= capital acquisitions tax aka gift/inheritance tax. For your father he might be able to avail of 'favourite nephew' relief and/or agricultural relief. As a first instance to a squattors application I would probably try to get the CAT clearance ( PRAI will insist on it), if the Revenue baulk and insist on an inheritance/gift tax return then consult a tax adviser.