M mwhich Registered User Messages 52 6 Oct 2009 #1 hi there. My fiance and I are building a house on a site gifted to him from his parents in the near future. He is not a first time buyer. What are our tax implications?
hi there. My fiance and I are building a house on a site gifted to him from his parents in the near future. He is not a first time buyer. What are our tax implications?
A Arch2 Registered User Messages 136 6 Oct 2009 #2 they depend on value of site. There is an exemption for CAT in certain transfer of site from parent to child there also is a CGT exemption which would mean no tax for the parents. Stamp duty would be at 50% of the normal rate if applicable
they depend on value of site. There is an exemption for CAT in certain transfer of site from parent to child there also is a CGT exemption which would mean no tax for the parents. Stamp duty would be at 50% of the normal rate if applicable
M mwhich Registered User Messages 52 6 Oct 2009 #3 Thanks very much. I reckon the site would be worth between 90-100k