capital acquistions tax and stamp duty exemption on house been gifted to me

How much is the house worth?
Is it your mother's principal private residence?
Are there other family members?

In broad terms, it is more tax efficient to pass property on death rather than during the disponers (mothers) lifetime.

mf
 
The house would be worth 600,000, i have one brother who has his own residence in cork. Yes it would be my mothers principal private residence. Does this make any difference to stamp duty?
 
There are potentially three separate taxes involved.

Capital Gains Tax - if your mother is disposing of a property that is not her principal private residence. It makes no difference if there is a price tag attached - it is taxed at market value, if applicable. It does not appear to be applicable.

Capital Acquisitions Tax - you are acquiring a large asset, as a gift, and you may have to pay tax on some aspect of it.

Stamp Duty - if you are a First Time Buyer, you may not have to pay any stamp duty.

Will your brother object to the transfer?

I suggest you need to talk to a solicitor who will go through the issues in detail with you. They may well propose that you talk to an accountant also.

Your mother should also be independently advised. Transferring an asset of this magnitude is a major step and should not be done lightly.

mf
 
mf1 said:
There are potentially three separate taxes involved.

Capital Gains Tax - if your mother is disposing of a property that is not her principal private residence. It makes no difference if there is a price tag attached - it is taxed at market value, if applicable. It does not appear to be applicable.
Click to expand...

she said it is her mother's PPR, in which case there will be no CGT.
Capital Acquisitions Tax - you are acquiring a large asset, as a gift, and you may have to pay tax on some aspect of it.
Click to expand...

provided your mother either over 68 or is ill and requires you to live with her and you have no share in any other house/apartment, then the dwelling house exemption should apply. This exempts the transfer from CAT.

Stamp Duty - if you are a First Time Buyer, you may not have to pay any stamp duty.
 
Thanks for the replies, its all very confusing, we thought it would be quite simple to transfer over, and my mum is shocked that it may cost a lot just to put my name on a house that we already live in.

My mum is over 68 but she is not ill and i wouldnt say she requires me to live with her. No i have no shares in any other buildings. Would this still exempt me from CAT.

As she is giving me the house its not possible for me to claim first time buyer on stamp duty is it?
 
super1woman said:
My mum is over 68 but she is not ill and i wouldnt say she requires me to live with her. No i have no shares in any other buildings. Would this still exempt me from CAT.

As she is giving me the house its not possible for me to claim first time buyer on stamp duty is it?
Click to expand...


Dwellinghouse exemption is different for a gift and an inheritance. For a gift you need to be more like a 'carer' for it to apply, but not for an inheritance. So tax wise it might make more sense for your mother to will it to you.

Re the stamp duty, first time buyer relief also applies to gift.s
 
You must log in or register to reply here.
Back
Top