Purchase or gift property to kids without Capital Acquisition Tax penalty.

[landlord]

From the Irish indo....

http://www.independent.ie/business/...ter-taxfree-in-three-years-time-34514706.html

I am not sure I fully understand this......
Can I gift one of my rental properties that I currently own to each my kids in approximately 10-15 years time without them being liable for capital acquisition tax, assuming they live in the property for .....is it 3 or 6 years? (The above article is confusing on that point).

I couldn't find the info on revenue.ie

"section 86 from the Capital Acquisitions Tax Consolidation Act 2003"

 

[Brendan Burgess]

The article is very clear.

You can gift one of your properties to one of your kids, as long as they have been living in it for 3 years, and as long as they continue to live in it for a further six years.

There are some other conditions e.g. that they must not own another property.

I doubt if this relief will still be in existence in 10 years' time. Or if it is, it will be restricted.

Brendan

 

[Northie]

Bear in mind this allows for a relief from CAT for your kids, but you are potentially still liable for CGT on disposing of the house, even though you are not getting any money for it.

I doubt if this relief will still be in existence in 10 years' time. Or if it is, it will be restricted.

It will be curious to see if anything does happen with this relief, I have a relative who looked into it approx. 15 years ago, made use of it 10 years ago and it remains unchanged now.