Transferring land to joint names

[blue.dub4sam]

Hello,

I own land which i farm part time. 40 acres. Unfortunately I recently hit some ill health. I wish to Transfer the land into either Joint names of myself and my younger brother or else transfer it into his sole name.

Is there any tax liability for him to this?

Thanks for any replies

 

[Protocol]

Depends if you sell it to him, and he pays you,

OR

You gift it to him.

Also depends on the value.

If you give it to him as a gift, he may have a CAT liability.

 

[RedOnion]

Definitely worth professional advice, and get someone to look at impacts for both of you and advise on how to structure.

Whether you gift or sell it, you might incur Capital Gains Tax yourself. However, you should be able to apply retirement relief since you are actively farming it.

Regardless of how you transfer, brother will incur stamp duty at 6% of value transferred.

If you gift it to brother, he'll have CAT (gift tax).