Transfer of Site CGT

[janeheath]

I have planning permission on a site at the side of my mums house. She wants to transfer the site into my name. She has lived at the address for over 30 years but only had the deeds put in her name last year as part of a divorce settlement. Because that transfer was so recent will we be liable to pay CGT or tax of any sort?

 

[Vanilla]

Leaving aside the issue of the transfer into your mums name for now, there is an exemption currently where a parent transfers a site into a childs name for the purpose of building their principal private residence, the site is worth less than 254000 and it is the first such transfer- the exemption is from stamp duty and CGT. There are other conditions, and you can check these on the revenue website or with your solicitor. If the above applies to you, its likely you will benefit from the exemption.

In relation to the divorce settlement, I think this would have little bearing for numerous reasons.