M
merb
Guest
Hi there
My wife and I are planning to buy some land from her parents in order to build a house. The price we have been discussing wont be too far off the market value of the property so my question is who (if anyone) will be liable for CGT ?
Even if the price we settle on is below the market value, Im assuming that we (my wife and I) wont be liable under the parent to child exemption, but not sure if my wifes family will be expected to pay.
Any help appreciated as every time I ask the Revenue office they send me the brochure on CGT, which is generic and doesnt cover the situation where money changes hands on a transfer of land for development to a child.
My wife and I are planning to buy some land from her parents in order to build a house. The price we have been discussing wont be too far off the market value of the property so my question is who (if anyone) will be liable for CGT ?
Even if the price we settle on is below the market value, Im assuming that we (my wife and I) wont be liable under the parent to child exemption, but not sure if my wifes family will be expected to pay.
Any help appreciated as every time I ask the Revenue office they send me the brochure on CGT, which is generic and doesnt cover the situation where money changes hands on a transfer of land for development to a child.