YesDoes he live there?
No CGT assumimg he’s lived there all the time.
Is there a CAT liability do you thinkNo CGT assumimg he’s lived there all the time.
The big issue is CAT. The child to parent threshold is small, €33k.
He’s living there so PPR relief probably applies, assuming he’s always lived there.What do you mean by "you want to transfer it back"?
Do you mean, your son wants to transfer it back?
Yes, he would be liable to CGT and you might be liable to CAT
You would need to post figures for a better answer
You will be exempt from Capital Acquisitions Tax (CAT) on receipt of a gift of a dwelling house if, at the date of the gift:
- you are a dependent relative of the person making the gift because you are:
- unable to maintain yourself due to being permanently and totally incapacitated by mental or physical infirmity
- or
- aged 65 years or over at the date of the gift
Impossible to advise properly here without knowing your circumstances and in particular the motivation for your previous transfer of the 50% share to him, the timing of that transaction, and the value of that share then and now.Hi, I am wondering if someone can help me with a question please, we transferred 50% of our home to our son several years ago, we want to transfer it back, our son is in agreement with this, is he liable for CGT on the transfer, I know stamp duty is applied on the transfer but I am not sure about capital gains tax, thanks in advance
Yes I think this is what we will do, I just wasn’t sure if we would have to pay CGT on the sale, thanks again everyone for all the valuable input@Plummet
Why complicate things by him transferring back to you? You’ll just incur stamp duty.
Just sell the house and buy a smaller one with equal shares. With the leftover funds if he wants he can gift €3k a year to you each with no CAT under the small gift exemption. Or you can set up some loan arrangement.
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