Gift Tax for Fiancee on gifted Site?

B

B&T

Guest
Hi ,

I heard from a friend to look into Capital acquisitions tax as I hope to gain planning permission on a site given by my father.

I am presently applying for planning permission (under my own name) to build a house and am hoping to get planning permission by August 07. Neither myself or my fiancee have a house at present.
We are due to get married at the end of the year 07.
However I know my limit before taxation is above 450K, her threshold would only allow gifts less than 24K or something.
I assume since we'll be married by the time the house is hopefully built we'll both be able to pay into the joint mortgage for this self build, and still avoid paying the CAT /gift tax on the site.
If we did have to pay this TAX it starts becoming a huge burden on the cost of building.
I'd appreciate anyone who has experience / knowledge in insuring my Fiancee (we) would not need to pay this gift tax.

Thanks.
 
Why not just get the site in joint names and pay the Stamp duty/Gift Tax? How much would that be?

Otherwise you have a situation where the site is in your name, you need finance to build, the bank will very likely want both names on the title and the mortgage ( unless you can finance this solely) and you cannot transfer the property within three years (?) without incurring the tax.

mf
 
I had a similar situation,
Site transfer from my father to me, got planning in my name but joint mortgage with my then fiance ( our solicitor made her sign a document saying she was aware that her name was not currently on the title)
Now after three years of marriage I am entitled to transfer to my wife with no capital gain tax implications
 
Thanks for the replys,
GMD this seems to be the manner that I'll handle it if we get planning permission. I'll just have to make sure my solicitor is on board with this too!
Brian
 
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