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House swap-stamp duty and CGT question

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  • 05-09-2012 7:34pm
    #1
    dricko_lim
    Registered Users Posts: 307 ✭✭


    Hi,

    Before I got to a solicitor I said I'd ask here. My wife owns a house that was gifted to her by her parents a few years ago when they sold their farm and avoided cgt as it was below the threshold. We want to do a swap with her parents house now with the house they currently live in. Both worth similar amounts. Are we liable for cgt along with stamp duty? Or are we even liable for stamp duty at all?

    Cheers!


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    #2
    mrs vimes
    Registered Users Posts: 156 ✭✭mrs vimes


    From a Revenue point of view this is 2 separate transactions and both would be liable to stamp duty based on the value of the properties if they were sold on the open market.

    Whether any CGT is payable depends on whether the houses are worth more than they were when they were acquired. Even if they have increased in value both parties would likely qualify for principal private residence exemption, assuming you have .


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