Hi all,
If I pay my uncle €20k for 0.5 acre plot (currently only agricutural land) that he previously inhertited, what is the tax implication / stamp duty for the both of us? I will be looking for planning permission on it.
Is it simply put for my uncle is it,
Selling price
less Land value in 1989
less tax credit
= amount liable to 25% CGT
and for me is 1% stamp duty on top of the €20k
If I pay my uncle €20k for 0.5 acre plot (currently only agricutural land) that he previously inhertited, what is the tax implication / stamp duty for the both of us? I will be looking for planning permission on it.
Is it simply put for my uncle is it,
Selling price
less Land value in 1989
less tax credit
= amount liable to 25% CGT
and for me is 1% stamp duty on top of the €20k