Tax on gift of site to stranger

Z

z109

Guest
Hi, a member of the family wants to gift a site to someone they know, but are not related to.

We are aware that there is CAT due (gift tax) and that there is an exemption of 3000 on a gift. My accountant was mentioning something about there being a further exemption of up to 25000. Does anyone know what this is? Is it per person? (So if we were gifting to a couple, it would apply to each person of the couple). (I will get back to him about it, but I'd like to know a bit more about what it entails first!).

Also, are there any other taxes due on the gift (stamp duty?). The site is a third of an acre and has a derelict house on it.

TIA.
YM.

Edit: Sorry, this probably belong in the tax forum - please move if you think so!
 
Last edited by a moderator:
1. CGT - payable by the person making the gift. 20% on deemed gain, with an annual exemption of €1270.00
2. CAT - payable by the person getting the gift. Exemption your accountant referred to is €24,841 - the maximum one person can get a gift of/inherit from a non relative during ones lifetime, before paying tax @ 20%. Small gift exemption of 3k also applies. If gifting to a couple, i think they can claim each - but check with your accountant
3. Stamp duty - payable by the person getting the gift, based on value of the site

That's all i think
 
2. CAT - payable by the person getting the gift.
Click to expand...

Just to add that the person receiving the gift can't receive any other gifts from strangers (which includes cousins) during their lifetime, without having to pay tax @ 20% subject to 3k annual limit and the small increase in the 24.8K annually.
 
juke said:
1. CGT - payable by the person making the gift. 20% on deemed gain, with an annual exemption of €1270.00
2. CAT - payable by the person getting the gift. Exemption your accountant referred to is €24,841 - the maximum one person can get a gift of/inherit from a non relative during ones lifetime, before paying tax @ 20%. Small gift exemption of 3k also applies. If gifting to a couple, i think they can claim each - but check with your accountant
3. Stamp duty - payable by the person getting the gift, based on value of the site

That's all i think
Click to expand...


There may also be a credit available against CAT for CGT paid on the same transaction.
 
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