CGT, Stamp Duty and CAT on site from uncle

[dermy]

Hi everyone.
I was wondering if there is anyone that can give me some advice. I have a couple of questions in relation to transferring a site. I am getting .5 acre from my mother and another .5 acre transferred from my uncle.
Firstly, do i need to pay stamp duty of 3% on the value of the land.
Secondly, my uncle is over 55 and used the land as agricultural land. I have now obtained planning on the site. Will my uncle still be exempt from capital gains tax.
Also, will i will liable for CAT. I know i can get a gift of approx 254,000 from a parent and approx 52,000 from an uncle. If the sites are valued less than this, does this mean i don't have to pay CAT.

There was also a problem with the boundaries of the above land with the next door neighbours. I am in the process of getting a deed of retification drawn up. Do i also need to pay tax on this.
Thanks everyone. Any advice would be appreciated.

 

[Juran]

Hi Dermy,

I'm in a simialar situation as yourself --- my uncle is gifting me a 1.1 acre site (valued at €25K) Its with the legal team a the minute and they have not given clear direction regading taxes so I'm doing my own digging.

Capital Gains Tax: I will pay his capital gains tax -- he inherited it 20 years ago and was valued at €5K then .. the gains is €20K, 20% capital gains tax of that is €4K. I still don't understadn why he would be subject to CGT as he is not selling it and is making no profit or gains on this site?? Perhaps someone out there can clarify if gifted land will be subject to Capital Gains tax?

CAT: As it is valued below 52K, I will not pay any gift tax.

Stamp Duty: This is something I can't seem to obtain clear information about. The revenue website (see link) indicates that a land transfer between Uncle-Nephew/Niece will be subject to half the normal stamp duty. Non residential transfer (eg. land) is subject to 2% stamp duty (value 20K-30K) .. therefore I presume I will pay 1% of 25K which comes to €250. I'm am hoping this is correct ...

[broken link removed]

I hope you don't mind me posting my questions on your thread ... hopefully somebody may shed some light on these taxes for us both.

Juran