How to value gift of land for CAT

T

Tennyson

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Hi

I was gifted a site by my father in 2008 (1/2 an acre) for the purpose of building a house, FPP was granted but I didn't build in the end and continue to own the site. It was valued at 125,000 Euros in 2008.

My father has now passed away and this gift must be aggregated with my other inheritance from him.

Due to the recession my site is worth less, which site value is relevant for CAT purposes?

Thanks
 
Tennyson said:
Hi

I was gifted a site by my father in 2008 (1/2 an acre) for the purpose of building a house, FPP was granted but I didn't build in the end and continue to own the site. It was valued at 125,000 Euros in 2008.
Click to expand...

The gift was €125,000 less the annual exemption of €3,000.

Recession has nothing to do with that.
 
Thanks for your reply Joe_90...it is as I feared. Just seems unfair when the threshold was so much higher in 2008:(

Does anyone know where the value of the gift is recorded...e.g would it be on the land registry instrument? (my sister is looking for confirmation of the value for probate and the solicitor who dealt with the transfer is not forthcoming)

Thanks
 
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