Gifted site

pauraick

Hi,
my girlfriend and i have been gifted a site by her dad and i was just wondering is there any way of me avoiding the tax on my share of the gift???

We first thought that we would leave the site in her name until we get married but we figgured that this wouldnt work because we want to use the land as security on the mortgage and that will be bassed mostly on my sallary (which isnt alot)
So does the land have to be in both names???

Head wreaking stuff!!!
Any help would be great!!!!

Poor Uncle Tom

First of all, if tax is due it must be paid. I don't think you will get anyone here advising you how to dodge or avoid paying tax, however, in order that you would minimise the amount of tax you have to pay the following steps need to be taken;
i) the site would need to be a gift,
ii) the site would need to be less then 0.47 hectares,
iii) the site would need to go directly into your girlfriend's name for at least 2 years.

You will need to check with a mortgage broker to see what banks this will affect in getting a mortgage on your income. Some banks will accept this under conditions others will not touch it. The information you are looking for can be got in detail from a conveyencing solicitor and a mortgage advisor, good luck.

pauraick

thanks for the reply

Carlow52

pauraick wrote: »

Hi,
my girlfriend and i have been gifted a site by her dad and i was just wondering is there any way of me avoiding the tax on my share of the gift???

We first thought that we would leave the site in her name until we get married but we figgured that this wouldnt work because we want to use the land as security on the mortgage and that will be bassed mostly on my sallary (which isnt alot)
So does the land have to be in both names???

Head wreaking stuff!!!
Any help would be great!!!!

Is it have or will be: very important.

If will be, then the simplest thing to do is assuming u do intend getting married is go and get the paperwork now, quietly in the Reg Office before any gifting and then the tax is sorted as long as the value is less than 400k or what ever the CAT/Gift tax threshold value is.

You can have the 'big day out' after when it suits, we will all go, Poor Uncle Tom is a great person to have at any wedding:D

Good luck with the projects

Poor Uncle Tom

Carlow52 wrote: »

......we will all go, Poor Uncle Tom is a great person to have at any wedding:D....

someone spilling the beans again.....:D

mr_edge_to_you

Sent a pm. As mentioned i'd be glad to discuss.

No6

Or else figure out what the stamp duty will be and pay it, I don't think it will be all that much, it might be as cheap to pay as registering in your girlfriend name and then re-registering when you get married to keep the banks happy. Talk to your solicitor first.

muffler

This thread would more at home in the Taxation forum or the Accommodation & Property forum.

Hmmmmm.................... moved to A & P.

I'll leave a redirect.