Legalities of purchasing site from family

[orchard]

Hi,

I am buying a site from my uncle at a nominal price. I am a direct blood line relative will I be liable for tax on this purchase and could I purchase/register this land in my name and that of my infant son.

Thanks, would appreciate any assistance.

 

[mf1]

Hi,

I am buying a site from my uncle at a nominal price. I am a direct blood line relative will I be liable for tax on this purchase and could I purchase/register this land in my name and that of my infant son.

Thanks, would appreciate any assistance.

He pays CGT on the market value of the lands sold - not the nominal price paid.

You pay stamp duty on the market value of the lands sold - not the nominal price paid. But at half the normal rate.

You may have a CAT liability on the market value of the lands sold - not the nominal price paid.

You can buy and register the land in your own name. An infant cannot legally hold title and it would be necessary to hold the lands in trust.

You need to work out the financial and legal implications of the transaction with a solicitor and accountant before finalising the deal.

mf
mf

 

[orchard]

Thank you, yes I will consult a Solicitor and Accountant