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What fees involved when being given a house

  • 25-07-2013 2:39pm
    #1
    canhefixit
    Registered Users Posts: 636 ✭✭✭


    Can anyone tell me if you were to be given a house, basically an uncle to a nephew, would there be any taxes involved with the change of ownership? or would it just be the legal fees? The Uncle is still alive and the house in question is just lying idle so instead of willing it to him when he dies he would just pass the house onto him now if that makes sense?

    Thanks


Comments

  • #2
    Aka Ishur
    Registered Users, Registered Users 2 Posts: 740 ✭✭✭Aka Ishur


    canhefixit wrote: »
    Can ..

    No expert but I imagine there would be capital gains there.


  • #3
    canhefixit
    Registered Users Posts: 636 ✭✭✭canhefixit


    That gives me something to look into thanks


  • #4
    afatbollix
    Registered Users, Registered Users 2 Posts: 4,084 ✭✭✭afatbollix


    Buy it for a euro.

    Isn't that how Quinn got away with giving things away before he crashed.


  • #5
    Thoie
    Registered Users, Registered Users 2 Posts: 6,344 ✭✭✭Thoie


    If you're not already living in the house, then it looks like you'll have to pay over 30% in tax on the value over €30,150 (as he's your uncle).
    http://www.revenue.ie/en/tax/cat/thresholds.html

    If you've been living in the house permanently for a few years, it might be exempt:
    http://www.revenue.ie/en/tax/cat/leaflets/cat10.html

    Both of you should talk to an accountant before doing anything else.


  • #6
    LashingLady
    Registered Users, Registered Users 2 Posts: 314 ✭✭LashingLady


    There would be capital acquisitions tax payable based on the arms length value of the transaction. However there are allowable limits that you can receive from relatives and others, the limit depends on your relationship to the doner.

    The largest allowable limit would be from your parents, which would really be the only limit that would equate to the value of a house. However there is the concept of a favourite niece or nephew which would bring the limits up to the same as a parent child relationship. See all the details at:

    http://www.revenue.ie/en/tax/cat/guide/reliefs.html#section3


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  • #7
    LashingLady
    Registered Users, Registered Users 2 Posts: 314 ✭✭LashingLady


    Actually just noticed the favourite nephew clause only applies to business assets and you have to work for them for a period...


  • #8
    canhefixit
    Registered Users Posts: 636 ✭✭✭canhefixit


    The nephew is living in the house this 6 or 7 years, thanks for all the links folks gives me some good info on there.

    I suppose the ideal situation is he can have the house transfered all for legal costs, even if there a few pound maybe inheritance tax that wouldnt be so bad but if its 30 odd % of the value and legal costs on top I imagine it could get messy.


  • #9
    Victor
    Registered Users, Registered Users 2 Posts: 78,495 ✭✭✭✭Victor


    Aka Ishur wrote: »
    No expert but I imagine there would be capital gains there.
    It would be the similar Capital Acquisitions Tax.


  • #10
    canhefixit
    Registered Users Posts: 636 ✭✭✭canhefixit


    Victor wrote: »
    It would be the similar Capital Acquisitions Tax.

    Who would be the best person to approach in relation to this? A solicitor or an accountant maybe?


  • #11
    Thoie
    Registered Users, Registered Users 2 Posts: 6,344 ✭✭✭Thoie


    Start with an accountant, though you will need a solicitor as well once you start the transfer process.


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  • #12
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    canhefixit wrote: »
    Who would be the best person to approach in relation to this? A solicitor or an accountant maybe?

    Normally, when it comes to tax issues, accountants and tax consultants are the right people to approach. This is not usually the case when it comes to CAT.

    A good solicitor will know more about CAT than most other professionals.


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