Inheriting Land- Buy House & Marriage before or after

M

Marbles11

Guest
Hi

Seeking advice. Partner currently in the process of inheriting land from his parents, but due to other factors, more then likely won't be signed over until about start of Dec. Had hoped to buy a house before the end of the year and also to get married before the end of the year.

Can anyone inform me of the tax implications? Could we buy a house would it effect the tax majorly? Could I buy the house in my name and then get married? Or is it just easlier and cheaper, to let the land be signed over, then house & marriage?

Also, would anyone be able to recommend a Solicitor/Tax Consultant in the Limerick area?

Thks
Marbles11
 
You are right to seek professional advice on a transaction like this. If you look up the Irish Taxation Institute website they will have a list of advisers in Limerick.
A few relevant points are
Your partner may be seeking to claim agricultural Property Relief for CAT. Agricultural assets must be 80% of total assets. Any mortgage is deducted from the value of your main residence in applying this test.

you would need to do this calculation before buying your house e.g. if you were buying with no mortgage.

If only your partner is getting the land, a house owned by you will not be a factor

You say you are inheriting the land. i assume therefore it is based on a will. Dependig on values

Transfers between spouses are exempt from CGT and CAT
 
Thanks for your response John, I will start off with Irish Taxation Institute and then I'll try and figure out what CAT and CGT are:D

M.
 
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