Gift of land from parents.

Stan Cronin said:

My parents want to give me a gift of land with a view of me building on it. I'm wondering who determines the value of the land?

Click to expand...

Stan Cronin said:

I read somewhere that the land can only be a maximum of one acre with the exclusion of the land the house is built on? is this correct?

Click to expand...

Also is it possible for parents to sell me land at a nominal fee to avoid tax implications on my side? I presume the Tax Office have that idea wrapped up and covered!

Click to expand...

Stan Cronin said:

My parents want to give me a gift of land with a view of me building on it. I'm wondering who determines the value of the land? what is a reasonable value for a piece of land without planing permission, where the person applying is the child of the vendor. It's somewhere between agricultural value and the value of a site with planning. Perhaps half way
I would hope to get it valued without planning permission and then when it's transfered to my name apply for planning permission.

I read somewhere that the land can only be a maximum of one acre with the exclusion of the land the house is built on? is this correct? this is in order to qualify for the CGT exemption for site to child

Also is it possible for parents to sell me land at a nominal fee to avoid tax implications on my side? I presume the Tax Office have that idea wrapped up and covered
market value applies to sales between connected persons

!

Click to expand...