.We are planning to sell a small property we own in Meath to my Aunt who lives in the North. We are currently living in England and this sale has thrown up a number of issues for us.
1. My Aunt would like to pay us in Sterling and as we are living in the UK we are happy with that, is this possible considering the property is in Ireland?
2. The land is in my name, is there a need to also have it in my husbands name for tax purposes (capital gains) or will it matter?
3. We have never lived in the house; we bought it as a ruin and renovated it with a view to living in it and then moved to England because of work. My Parents lived in it rent free while they were waiting to build their own house and so we never moved in; are there implications for CGT because of this?
4. There will be no mortgage as my Aunt will be paying in cash.
Any guidance would be great, thanks.
1. My Aunt would like to pay us in Sterling and as we are living in the UK we are happy with that, is this possible considering the property is in Ireland?
2. The land is in my name, is there a need to also have it in my husbands name for tax purposes (capital gains) or will it matter?
3. We have never lived in the house; we bought it as a ruin and renovated it with a view to living in it and then moved to England because of work. My Parents lived in it rent free while they were waiting to build their own house and so we never moved in; are there implications for CGT because of this?
4. There will be no mortgage as my Aunt will be paying in cash.
Any guidance would be great, thanks.