CGT for greater than 1 acre

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Poormans

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I did a search but could not find a clear cut answer. My Dad, who is nearly 80 and has owned the land since his 20's) wants to transfer a 2 acre field on his farm to me as a site to build on. It is agri land at the moment, no planning permission or anything. Valued at 30K. I would just like to know if he (I really) will be charged CGT. Everything seems clear cut that he wont according to Retirement Relief except then the restriction of 1 acre makes it unclear. My dads solicitor thinks he will have to pay CGT. If I have to pay it that is ok but I'd hate to pay it and then find out I didnt have to because his solicitor was wrong! :eek: Informed advice much appreciated.
 
The 1 acre limitation applies to the specific relief for the transfer of a site to a child.

If he qualifies for retirement relief, then the 1 acre restriction does not apply and he can transfer it to you without CGT.
 
WizardDr said:
Is the €30k value for agri?
Whats the value for development?
Click to expand...

I'm sorry I dont understand the question. I needed to get the land valued for stamp duty 30K was the value given by the engineer. What is "value for development"?
 
Nige said:
The 1 acre limitation applies to the specific relief for the transfer of a site to a child.

If he qualifies for retirement relief, then the 1 acre restriction does not apply and he can transfer it to you without CGT.
Click to expand...

Thanks ver much Nige. It doesnt get more clear than that!
 
@Poormans - there is a value for agrigculture purposes and a value for development purposes. So unless the development value is hugely in exces of €30k I cannot see CGT nor CAT arising ..thats why I need both values.
 
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