Transfer of Shares within Family

[jumper1]

Hi, my dad has shares that he wishes to transfer to me as a gift , the value of the shares are about 20k, original value of the shares was 10k . I was wondering does my father have to pay capital gains on the transfer to me even though it is a gift and within the family Parent --> Child .


Any assistance would be appreciated.


regards, jumper 1

 

[Ned_ie]

Yes

There will be CGT to be paid at the rate of 20% on the gain arising (i.e. the difference between cost and deemed disposal price of 20k).

There will also be stamp duty payable by you at the rate of 0.5% - normally 1% but reduced by 1/2 where transfer between family.

There is no gift tax payable as the amount is well below the threshold of €478k

Hope this helps

 

[jpd]

There will be CGT to be paid at the rate of 20% on the gain arising (i.e. the difference between cost and deemed disposal price of 20k).

less the annual allowance of €1,270

There is no gift tax payable as the amount is well below the threshold of €478k

unless you have already received gifts of more than €478K.