Property Signed over to myself in the past

[Patriot01]

Hi, I am a resident of Ireland and have been paying employment taxes since 2007. My parent's property which is located in Northern Ireland was signed over to me and wife's name in 2011 (via a solicitor) and estimated value back then was approx €85k - although no professional valuation performed.

Not sure if I should have taken any action back then to let tax authorities know (in either side of border).

As time moves on this is a weight on my mind in case there is a tax liability looming, can anybody advice me on how to put my mind at rest, and if there is any action I need to carry out as regards letting authorities know about this? Perhaps nothing needs to be done unless I am selling on as which point a CGT tax might be liable.

 

[Vanessa]

In my humble opinion I dont think there was a need to inform Revenue of this gift from your parents. You can deduct it from the the parent/child inheritance threshold in the hopefully far away death of your parent. If the figure given exceeded a high percentage of the threshold ( I think between 70 and 80 percent ) there is a requirement to inform Revenue.
Look at the options of manouevres around Gift Tax as well over a ten year period.
The property has been transferred to you and your wife. There is scope here.
These are pointers but as always should be discussed with an accountant

 

[Patriot01]

I guess my bigger fear is that because I am a non UK tax-resident, the UK tax authorities might determine there is a liability as the property is located in the UK.