Gift tax on transfer of property

J

jackieO

Registered User
Messages
20
Apologies if this is answered elsewhere.

My friend bought a house with his ex in late 2013. They were never married. He paid the entire deposit. They were joint owners and had a joint mortgage. A few months later they split up and he applied for a new mortgage on his own and the house was signed over to him.

He got a letter from Revenue looking for him to complete a gift tax self assessment form.

Does anyone know if gift tax is payable? It's already cost him a fortune in solicitors fees, stamp duty etc. So he's worried.
 
Not enough information to assess whether a CAT(Gift Tax) liability would have arisen. Best course of action is to go to his accountant and get more specific information. There are a number of issues that could affect any potential CAT liability such as who paid the mortgage etc.
 
Thanks Brendan. I'll advise him to do that. Afaik he paid the mortgage the whole time and spent about €50k doing up the house.
 
He should be fine so, unless the value has increased significantly since the purchase. Assume this is unlikely!
 
You must log in or register to reply here.
Back
Top