Capital Tax

[cmcm]

Hi, Any advise welcome....
My partner and I were recieving a gift of a site from his sister.
We are first time buyers and were building. At the moment this site is
empty - We had decided to go for the planning permission first, before
changing the site into his name. Anyhow, it's only now that the pp is
approved did we learn about all the tax! We are trying to figure out ways
around this as I'm sure there must be some...Seemingly the site is no good
to anyone else to build as only a family member can do this. we're trying
not to have his sister stung for tax as she is being very generous giving us
this site......

 

[ARCH]

As his sister is gifting the site there is potential CGT for her and CAT for the recipent, there is also stamp duty to be considered.

There are relief's where a parent gift a site to a son/daughter but not for a brother sister.

However the value of the site may not that high as there are the restriction about building on it.