Complicated Tax Situation

[PinkFloyd]

OK, I'll try to keep this simple, thank you in advance for any help you can give::

1) My father bought a property about 6 years ago for £30,000
2) About 1 year ago I agreed to seek a mortgage to build on it as my dad became unemployed. It had full planning permission
3) The site was signed into my name in order to get a mortgage to build (this was deemed necessary by my mortgage advisor) The deed never passed to my dad's name and was transferred directly to me but it was still signed over by my dad through a solicitor to me. My name is now on the deed
4) I agreed my dad would be still entitled to the property (a gentleman's handshake so to speak). He agreed to, "look after me!!"
5) I couldn't secure a mortgage and decided to sell
6) The site sold for €140,000 I'm signing the closing documents on Monday
7) I will be giving my dad back most of the money while retaining about 20% for myself as a gift from my dad.

What do I need to give the revenue???

 

[asdfg]

Re: Coplicated Tax Situation

Could be totally wrong here but as I see it your father initially gave you a gift of the land. What value was put on this gift. This should have been stated on the transfer by the solicitor.
As it was under the threshold no CAT is payable.

You may be liable to CGT as follows
Sale of site - Value of gift - legal expenses auctioneers exps etc. - 1270 @ 20%

AFAIK, strictly speaking your father is liable to CAT (Gift Tax) as follows
140,000 - 46,673 @ 20%

You will not be liable to CAT as you are still under the threshold.