Stamp duty on Inheritance

[DenisP]

Hi,

My father has signed over a site to me to build a house on. I have planning permission on it. What rate of tax/ stamp duty will I have to pay on this or does it fall under a gift

Denis

 

[Vanilla]

This is a gift not an inheritance assuming your father is alive. What is the value of the site? Have you received any similar prior gifts? Do you intend to build your principal place of residence on it? Is the transfer to be into your sole name? There is a potential relief available from both sd and cgt if the site is valued less than 254k but other conditions are attached. You should look it up on the revenue website and have a read of the conditions. If it is the first such gift or inheritance from a parent and it is valued less than 254k then there will be no CAT either. However if you do not meet the conditions for the relief there is a potential charge to SD and CGT and depending on teh value and prior benefits, also CAT.

 

[DenisP]

The site is approx valued 60K and would be a gift as my father is still alive. I haven’t received anything like this before. The transfer would be into my name to build my principle place of residence. Does this additional information help?

 

[Vanilla]

Sounds like you might qualify for the exemption. As I said you should check the revenue site to read the relevant conditions.