Transfer site - Conveyance expert?

[hanosul]

Hello,

My father has kindly offered to transfer some of his land over to myself and my husband so that we can build a house. However the land is valued at more 254,000 so there will be a considerable CGT liability.

Can anyone reccommend who I should talk to about minimizing this cost. At this point we have talk to a solicitor but he doesn't seem to be very experienced in this type of matter.

Are we better to go to a solicitor or a tax consultant??

If anyone has gone through this process I'd really like to hear your experiences.

Many thanks,

hanosul

 

[Vanilla]

Your father is the one with the CGT exposure so he should talk to someone.If your solicitor is not experienced in this area, then obviously go for a tax expert- I would think a tax consultant is the way to go. It really depends though on whether your father already has an accountant and if they are familiar with CGT.

 

[Newby]

Hello,

My father has kindly offered to transfer some of his land over to myself and my husband so that we can build a house. However the land is valued at more 254,000 so there will be a considerable CGT liability.

If its a tax problem you have then its a tax advisor you need.

It must be some site if its valued at over €254,000!

Maybe consider asking him not to transfer all of that site to you at first so that he can avail of the transfer of a site relief? He can always give / sell the remainder to you at a later date.

If he is planning to transfer all of his land to you at some stage he may be eligible for retirement relief.

Speak to a tax advisor about this to see what options might be available to you.

 

[hanosul]

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