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!
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!
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