Looking for some advice on this scenario.
Family 'A' has a home built on their own land in a rural area.
They then build another home beside this in the name of their 7 year old child. (This was allowed at the time)
This house is sold with 2 years of being built. It was never lived in.
Is there tax due on this sale?
I assume it can't be regarded as a family home as (a) It was never lived in and (b) the 'owner' was a child.
Is it more accurate to describe this as an investment home in the eyes of Revenue?
Family 'A' has a home built on their own land in a rural area.
They then build another home beside this in the name of their 7 year old child. (This was allowed at the time)
This house is sold with 2 years of being built. It was never lived in.
Is there tax due on this sale?
I assume it can't be regarded as a family home as (a) It was never lived in and (b) the 'owner' was a child.
Is it more accurate to describe this as an investment home in the eyes of Revenue?