Site Transfer

[ontour2009]

Hi all, I was hoping someone would be able to help me. I am being gifted a site under an acre to build a house on from my father. At the time we enquired we were told it met the exemption as its to build our home so no CGT, CAT and only stamp duty on me. However his solicitor said the other day that as the site was originally inherited from his father to him (years ago- approx 20 years or more) that he may have to pay tax? Can anyone please advise? Site is only valued at approx €40k?

 

[john luc]

what I assume has happened is your father inherited the site but did not make a tax return at the time. You need to follow this up with revenue as there may be a tax liability or there may have being enough tax allowance your father could apply to the site value at the time to cover it.