Sale of Site, Do I need to pay CGT?

[Chris2006]

Hi, I wish to sell a site which was gifted to me by my parents. The site is valued at €200,000. With this money I wish to pay off part of my mortgage of a house which I am currently living in. Do I need to pay CGT on this? If so, is it 20% of the full amount or is there an exception level?

 

[Ham Slicer]

Hi, I wish to sell a site which was gifted to me by my parents. The site is valued at €200,000. With this money I wish to pay off part of my mortgage of a house which I am currently living in. Do I need to pay CGT on this? If so, is it 20% of the full amount or is there an exception level?

You need to pay CGT.

20% of difference between sale price and value at date of gift.

Personal allowance worth €253 available.

Indexation relief may also be available depending on when you acquired the asset.

 

[Ned_ie]

Ham Slicer. The personal allowance is €1,270.

Tax should be minimal depending on the date the site was transferred to you.

 

[ubiquitous]

The personal allowance of €1270 is worth €253 in terms of tax saved.