Stamp duty on transferring site to son

K

KOW

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I intend transferring a three quarter acre site to my son in the near term. My understanding is that due to the fact it is under 1 acre there is no CGT. Seeking advise on costs that is stamp duty legal etc.
My son has secured planning on the site in his name. Value around 90k.
 
Because there's no house, they'll pay stamp duty at the higher rate (7.5%), but they can then reclaim I think it's 2/3rds when they build the house.

You'll need to get a quote on the legal fees, and get an indication of the land registry fees. I'd be asking the architect that helped with the planning application for contacts, as it's probably something they deal with a lot of solicitors on, marking boundary maps, etc.
 
Thanks RedOnion do you have anymore info on the reclaim. I see that this can be done if house started within 30 months of paying stamp duty? Do you know does this apply in all circumstances?
 
It's a long-winded name "Residential Development Stamp Duty Refund Scheme".

It's actually 11/15ths he can reclaim since the rate increased.

The scheme was really put in place for developers rather than this type of transfer. There's an overall time limit to the scheme, in that the construction must begin before 31 Dec 2021, and must be completed within 2 years of the commencement notice. So the house would have to be complete by end of 2023 at the latest.

There's a pretty good guide on the Revenue website: [broken link removed]
 
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