Hi all
I received planning permission for a house on a site owned by my brother about a year and a half ago. Since then I initiated the transfer of ownership of the site from my brother to me. I didn't have to pay much tax as the solicitor valued the site at €30,000 (the threshold for a gift between siblings is €43,400). The transfer is completed in legal terms but not in land registry terms. I put it on hold because I have had second thoughts about the site and want to change to a different site a little bit down the road, also owned by my brother. My question is - what implications does this have in terms of tex? Can I "give back" the original site to my brother and then start again from zero? i.e. be back to zero in terms of the tax threshold? The solicitor told me there would have been no problem if the new site was in the same folio number as the original site but unfortunately this is not the case! I am finding it difficult to get an answer out of him regarding the implications of "changing sites"!
Thanks
I received planning permission for a house on a site owned by my brother about a year and a half ago. Since then I initiated the transfer of ownership of the site from my brother to me. I didn't have to pay much tax as the solicitor valued the site at €30,000 (the threshold for a gift between siblings is €43,400). The transfer is completed in legal terms but not in land registry terms. I put it on hold because I have had second thoughts about the site and want to change to a different site a little bit down the road, also owned by my brother. My question is - what implications does this have in terms of tex? Can I "give back" the original site to my brother and then start again from zero? i.e. be back to zero in terms of the tax threshold? The solicitor told me there would have been no problem if the new site was in the same folio number as the original site but unfortunately this is not the case! I am finding it difficult to get an answer out of him regarding the implications of "changing sites"!
Thanks