Capital gains on house signed over from father

[rgar]

My father wants to sign over the family home to me. He owns the house and has no mortgage on it. I dont own my own house, I still live at home in the house.
Will he or I be liable for capital gains tax?
Also if anyone knows will I have to pay stamp duty on the house when signed over to me?

 

[mf1]

"Will he or I be liable for capital gains tax?"

If it is his principal private residence that he is disposing of, no CGT arises for father.
No CGT arises for donee - person getting house

CAT - capital acquisitions tax may arise for donee.


Stamp duty will arise for donee.

Both parties should take proper advices relating to the particular transaction.

mf

 

[rgar]

thanks for your advice, it is his main private residence.
Will be seeking further legal advice soon regarding it.

 

[Bronte]

Rgar, your father ought to have independant legal advice before he proceeds with handing over his main asset. There would be very few cases where this were advisable.

 

[Brendan Burgess]

If you have been living in the house which you receive as a gift for at least three years, you will be exempt from CAT, subject to some conditions as explained in this Revenue Leaflet

If you have not been living in the house for the last three years, don't transfer the house until you have been living there for three years.

Brendan