Re: CGT-gited site over 254,000 limit, any experience?
There are a couple of issues to deal with here.
Firstly, it is possible that, if the total area around the house (from which the site is being gifted) is less than one acre, then the parents may not have any liability to CGT anyway.
If a liability to CGT does arise, then the relief from it ONLY applies if the site value is less than €254,000. If it is one euro over this, the whole lot falls to be taxed. If the relief can be claimed, the tax avoided will be reclaimed from the child if they sell the propert with three years.
Regardless of the CGT issue, stamp duty is payable on the transfer of land. Again, there is a relief where the property being transferred is to a child for a site, provided it is worth less than €254,000. If it is worth more than this, it is fully chargeable to stamp duty (though consanguity relief halves the rate applicable).