Tax payable?

[Brenbo]

Could someone please point out if I would have any tax liabilities (i.e. Gift, Stamp duty)

My father intends to sign the ownership of a small country cottage into my name.
The house is worth about 80-100K. Will it just be a matter of signing it over or will I have to pay tax???

 

[Satanta]

Re: Tax payable???

The good news, you've (probably*) no tax to pay.
*As long as all gifts recieved (to date) under the group threshold (in this case from your father and mother combined) stay under the threshold (€478,155) then you've no liability.

WHEN TO FILE A GIFT TAX RETURN?
Gift Tax is a Self Assessment tax. The obligation to make a return to the Revenue Commissioners rests with the person who receives the gift. A return - form I.T. 38 must be lodged when a gift either by itself or when aggregated with prior benefits taken by the donee, exceeds 80% of the appropriate tax-free amount. As respects gifts taken on or after 11 February, 1999, the donor is obliged to make a return in certain circumstances.

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Also...

Why do I need to make a return?
Essentially, you are obliged by law to make a return if the value of the gift or inheritance (either on its own or when added to
other gifts or inheritances, taken from any source within the same Group threshold, on or after 5 December 1991) exceeds 80%
of the tax-free threshold i.e. tax-free amount. Details of the Group thresholds are given on Page 11of these guidance notes. You
must also make a return if required to do so by the Revenue Commissioners.

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The gift doesn't come near the 80% rule, but hopefully someone else may be able to clarify the sections in bold and confirm whether or not a return is needed in your situation.