Transferring a site

[A11]

What are the tax implications if I want to give a green field site to a brother?

Is there such a thing as 'gifting' a site to a family member?

Thanks.

 

[Joe_90]

Well,

The "gift" of property to your brother is subject to Capital Acquisitions Tax.
So what is the market value of the asset? Is it a site with Planning Permission or a field? from that deduct the €33,208 the multiply answer by 25%

You have a disposal for Capital Gains Tax: Market value - cost - 1270 x 25%

Then your brother will have stamp duty, depending on the value x blood relative discount of 50%
http://www.revenue.ie/en/tax/stamp-duty/non-residential-rates.html

Hope that helps

You should seek professional advice before making any transfers

 

[capnhand]

+1

Cosanguine relief is gone since 8/12/10 though.

Kind regards

capnhand

 

[KSA]

Consanguinity Relief only gone on residential developments

 

[T McGibney]

You have a disposal for Capital Gains Tax: Market value - cost - 1270 x 25%

Note that part-disposal rules will normally apply in such situations. These rules sometimes generate unpredictable results.

You should seek professional advice before making any transfers

+1