Transfer of land from parent

[Ian mc aodha]

I see many posts on this topic but all have specific circumstances that don't match mine.

My father is 67 and retired for a few years now. He wishes to transfer @ 21 acres to me (son).

The land is circa 100k value... And I have not inherited or been gifted anything before.
It is agricultural land and not being farmed in recent years.

We already a principle residence and do not in tend to build on the land or sell it within the next 3 years.

What are the tax implications for either myself or my father, and what is the best tax minimisation strategy to enable the transfer?

Any assistance / info appreciated

 

[Clonback]

100k is well below the CAT threshold,so there is no tax for you or your father.Stamp duty is payable on the transfer

 

[Ian mc aodha]

Thanks for that, assuming it's 2% stamp duty?

 

[Joe_90]

Go an talk to an accountant. Your father may have a CGT exposure.

You may need to utilise Agri relief if there are potential other gifts/inheritances.

Also don't undervalue the land the reliefs are there and you may need the right value if you sell/transfer it in the future.