I am gifting a site to my son to build his home on, he already owns a house but he intends to make this new house his main residence, will Ihave to pay CGT on the actual value of the site.??
Fredda.
The rule on this is that and once the site is valued at less than €254k and a house is built as his personal private residence then there is no CGT liability. However, if your son should decide to sell the house within 3 years of living in it, then CGT will be liable on the initial transaction.
The ruling on this is that once the site is valued at less than €254k and the house is built for his own personal private residence then there is no CGT tax liability. However, should your son sell the house within 3 years of moving in then a CGT liability will be incurred on the initial transaction.
Sorry about the two replies. I was initially told by the administrator that the first reply did not go through so I re-jigged my message and sent it again