What tax is there if given a site to build on?

[RMCF]

I am in the situation that over the next few years I might be given a site to build a home on.

Assuming current tax regulations, what do I get hit with in terms of fees/taxes?

 

[Protocol]

If you acquire any asset without paying for it, then you may be subject to CAT, Capital Acquisitions Tax.

It happens if you are gifted or inherit an asset.

The rate is 20%.

The amount of tax depends on the relationship between the giver and receiver.

 

[juke]

You might want to do a search - there's a few threads - like

http://www.askaboutmoney.com/showthread.php?t=83909&highlight=tax+site

 

[RMCF]

Thanks all. Sometime doing a search is problematic as you don't know what exact phrase to search for.

 

[juke]

Agreed - so I searched using my user name!

 

[Graham_07]

If the site is from a parent there are reliefs. Google "disposal of site to child".

 

[mathepac]

A lot depends on your relationship to the person making the gift, if they have made other gifts to you in the past and what gifts they might make in the future.