FIL signed over all land to BIL many years ago (I'm guessing c.15 yrs ago), and he is sole beneficiary in the will in terms of the remaining property (2 houses). BIL has since built a house on the land. BIL's other siblings are all keen to build on part of the land now. As the threshold for gifting is far higher between parent & child than it is between siblings, is it possible for BIL to transfer the field in question back to FIL, and for FIL to then transfer it to the other siblings? We've looked at the revenue docs but they don't cover our specific question re the return of previously transferred land.
It's currently classed as agricultural land, in an area where sites command a very high price, so they are trying to figure out the most cost-effective approach. Planning has not been applied for yet. Personally I don't think they stand a chance of getting planning but that's a whole other story!
It's currently classed as agricultural land, in an area where sites command a very high price, so they are trying to figure out the most cost-effective approach. Planning has not been applied for yet. Personally I don't think they stand a chance of getting planning but that's a whole other story!