Swapping an inherited site-Tax implications

[Abbey58]

I recently received a site from my mother with the intention of building a house on it. However I now want to swap the site for a different one which I think is in a better location (not so windy).
What is my tax liability to do this......All i want to do is give back the first site to my mother and get a different one from her?

There will be no financial gain for either party for such a swap. It seems so straight forward to me but I just don't about tax issues etc. Having spoken to a solicitor they lead me to believe its a real complicated thing to do. Is it?

 

[John Conlon]

Your solicitor is right
You will make a gift to your mother. This is a CGT disposal by you at deemed market value as you are connected.
Your mother will be liable for CAT over a value of about 52k.
She can offset the CGT paid by you.
The gift of the new site will be a disposal by your mother at market value.
I assume you claimed the site to a child exemption the last time. You have to build and occupy the residence for 3 years afterwards to avoid clawback of this. In my view you would risk this clawback.
Your mother would have a CGT liability.
Depending on the value of teh sites you might go over the CAT threshold for parent to child.

This is the letter of the law. I recommend good insulation and draughtproofing.