Stamp duty on Site transfer from my brother

I am hoping to build a house on a site that has full planning permission in my brother's name. He has agreed to sign it over to me as he does not want to go ahead with the house. My question is am I liable to pay any fees or stamp duty in the transfer of ownership of the site? The 3/4 site is worth about 160k. Any help would be appreciated.

ray

Two taxes.

Capital Acquisitions tax - as set out above.

And

Stamp Duty @ 9% on value of the site.

mf

Did your brother buy the site or was it a gift to him? If it was a gift, when was it given? Who from?

Potential charge to CGT also for your brother depending on whether the site has increased in value, so something to watch.

My dad singed over the land(c.30 acres) to my brother about 10 years ago. I suppose you could call that a gift? He then applied and was granted planning permission on a 3/4 acre site about nine years ago. That planning permission was up five years and he got an extension of five years to build the house or lose the planning permission. So the value of the site has gone up considerably in that time. My brother is not going ahead with the house and has agreed to give me the site...I am under a bit of pressure to get the site signed over and erect the house before the planning permission runs out in Jan 2008.
Thanks for the replies, it looks like I'll have to pay a considerable sum of tax? :-( Site valued at about 160k

Ray

you do get a half rate reduction on stamp duty tho between family members, so its not 9% its 4.5% (thats my understanding of it anyway)!