Capital Gains Tax on transfer of site

[parper]

Just looking for a bit of info. What are the CGT implications on the transfer of a site from a brother to his sister (and partner). The site is valued at about €150k. Are there any reliefs available to reduce the tax owed? The site is not being sold merely been given as a gift. In due course I will be going to my solicitor to arrange, at the moment I'm just interested to see what the tax will be on the transaction for budgeting purposes.

Thanks

 

[micheller]

Try the revenue website, I seem to remember them having substantial info on all the details of family transfers... http://www.revenue.ie

Hope that helps,m.

 

[Nige]

the brother will be subject to CGT on the deemed gain (being the value of 150k less the original cost and related costs).

The sister will be subject to CAT.

The CGT paid by the brother can be claimed as a credit against the CAT (but the sister must keep the site for at least two years).

Stamp duty (at half the normal rate) will also apply to the transfer.