When is Gift Tax due on partial property gift

[JB6666]

Hi,

Myself and my wife are resident in Ireland. My wife's Mum lives in the UK has recently bought a UK investment property there.
She has now decided to change the ownership of the house (i.e. names on the deeds) to her three children (my wife and two siblings).


The question is: should my wife be paying gift tax on her 1/3rd share of the property now - or wait until the future when the house is sold and the proceeds are divided out.

(She would be liable to 33% tax as she has received previous gifts that bring her over the 330 K threshold),

Thanks,
J

 

[Gordon Gekko]

The gift tax is payable now (or to be more accurate on or before 31 October, or slightly later if all done online).