R RMCF Registered User Messages 1,432 15 Feb 2009 #1 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?
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?
P Protocol Registered User Messages 4,657 15 Feb 2009 #2 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.
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.
J juke Registered User Messages 258 15 Feb 2009 #3 You might want to do a search - there's a few threads - like http://www.askaboutmoney.com/showthread.php?t=83909&highlight=tax+site
You might want to do a search - there's a few threads - like http://www.askaboutmoney.com/showthread.php?t=83909&highlight=tax+site
R RMCF Registered User Messages 1,432 15 Feb 2009 #4 Thanks all. Sometime doing a search is problematic as you don't know what exact phrase to search for.
Thanks all. Sometime doing a search is problematic as you don't know what exact phrase to search for.
G Graham_07 Registered User Messages 2,890 16 Feb 2009 #6 If the site is from a parent there are reliefs. Google "disposal of site to child".
M mathepac Registered User Messages 8,254 16 Feb 2009 #7 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.
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.