Capital gains or stamp duty

Discussion in 'Mortgages and buying and selling homes' started by Rach16, 15 Mar 2019.

  1. Rach16

    Rach16 Registered User

    Posts:
    4
    Hi there
    I bought a house which I want to put in my friends name . It is not mortgaged. I bought it in April of last year. Am I liable for capital gains tax or stamp duty to transfer the deeds over to my friend. My friend is a US Cutizen and I’m an Irish citizen. What’s the best way to do this , and the cheapest way
     
  2. jpd

    jpd Frequent Poster

    Posts:
    1,540
    Where are you living - Ireland, US or elsewhere?

    You will liable to Irish Capital Gains Tax on any gain you have made on the property
    Your friend could be liable to Irish Capital Acquisition Tax
    Irish Stamp Duty will be due on the property transfer - the person acquiring the property usually pays this

    Taxes may also be due in other jurisdictions, depending on where you and your friend reside
     
  3. dublin67

    dublin67 Frequent Poster

    Posts:
    189
    By putting it in your friend's name do you mean transferring the legal title to her but you retain ownership? If so then no CGT or stamp duty should arise as no transfer of beneficial ownership has occurred. I'm assuming your query is about Irish property.

    You'll need to talk to a solicitor to arrange the transfer of the tiitle and request a fee quote from a few of them. If they quote 1% of the value then go elsewhere.