Tax implications of free site and keeping current house

[z101]

Hi
Does anyone know what the CGT or Stamp duty implications on the following senario.

I live in a house in Dublin but my brother is giving me a free site to build an hour away. I want to keep my house in Dublin to rent it out long term. I have been living in this house for 7 years and its worth about 2.5 times what I paid for it. I am planning a rough timeframe of about 4/5 years to move to new build.
Will there be tax implications on getting free site?
Will there be tax implications on keeping my old house?

Thanks

 

[mf1]

Hi

Will there be tax implications on getting free site?
Will there be tax implications on keeping my old house?

Yes to one and probably no to second.

1. Brother disposes of site, Revenue take it as a disposal at full market value , CGT will be payable by brother on full market less any allowances.

2. If you ever rent out your own house, you will probably have income tax liabilities .

mf

 

[Nige]

Depending on the value of the site and the value of any previous gifts (or inheritances) from siblings, you may be subject to CAT at 20% on the gift from your brother. However, if he pays CGT on this disposal, you can take a credit for this CGT against your CAT.