My father wants myself and my sister to apply for planning permission for a house each on a small piece of land that he owns. The plan would be to sell them on when they are eventually built.
The question is, Would it be better for my father to transfer the land now before its value went up and that way if we do get planning, build and then sell within the 6 years limit the claw back for CGT wouldn't be as bad.
If we paid my father 15,000 each now for the site would that get rid of the CGT factor. It wouldn't have increased in value all that much. Its agri land on side of main road and it will be difficult to get planning.
He bought the piece of land about 3 yrs ago and only cost c€35,000.
Any ideas on best approach.
The question is, Would it be better for my father to transfer the land now before its value went up and that way if we do get planning, build and then sell within the 6 years limit the claw back for CGT wouldn't be as bad.
If we paid my father 15,000 each now for the site would that get rid of the CGT factor. It wouldn't have increased in value all that much. Its agri land on side of main road and it will be difficult to get planning.
He bought the piece of land about 3 yrs ago and only cost c€35,000.
Any ideas on best approach.