Query re selling land

[brack]

Hi there,
Dad has land and instead of it being divided between us when he dies he's think we might all benefit from it now.

Just wondering if he chose to sell it and divide the proceeds what the capital gains implications are for us, or can he gift us a certain amount without us incurring tax?

Alternatively is he better off leaving things lie and we deal with it when we inherit it as per his will instructions.

Thanks in advance.

 

[capall]

If father sells the land or if he gifts it to his children he will be subject to capital gains tax
You will be subject to capital acquisitions tax if the gift exceed 520k

If you inherit ,the CAT position is the same but there is no CGT
Also if you are inheriting land there is no stamp duty which would be the case if it was a gift