Transfer of site from Uncle to Niece

[Dom]

My partner's Uncle is transferring a site to her to build a house. The site is valued at €80,000. By my calculations she is liable to Gift Tax of €5,576 (80000-52121 x 20%)and Stamp Duty of €2,000 (80000* x 5% x 50%)
Is this correct?

Also is her Uncle liable to any CGT?

Thanks

 

[Iceman732]

Yup the uncle would have CGT, depending you what his circumstances are. The uncle may be able to avail of same event relief, i.e. giving credit for the CAT paif by your partner.

You could in theory avoid the tax liability on the site, however in order to do so you'd have to do a lot of tax planning....

The idea would be to gift the site as a going concern and for your partner to claiming the favoured nephew/ niece allowance. By doing this your partner's uncle may also be able to avail of retirement relief on the sale.

It's just a suggestion but I'd imagine as the tax liability is so low it'd be more of an inconvenience than it's worth.

Is your partner working?

 

[Dom]

Sorry for not replying sooner. Yes Iceman she is working.
The reason I asked the question was because I had received different info from Revenue but it now seems that he would be liable.