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Gift of land from uncle

lobber · 2015-01-14 00:22:53

My uncle is gifting me a site on which to build a house. I have been hearing a lot of conflicting information on how this process works and would like to clarify what the tax implications are for this. I am aware that I will need to get the site valued as part of a mortgage application. If this value is under the threshold…

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14-01-2015 1:22am

#1

lobber

Registered Users Posts: 163 ✭✭

Join Date: May 2009

Posts: 128

My uncle is gifting me a site on which to build a house. I have been hearing a lot of conflicting information on how this process works and would like to clarify what the tax implications are for this.

I am aware that I will need to get the site valued as part of a mortgage application. If this value is under the threshold of €30,150 as Group B gift tax do I only pay stamp duty on the valuation? Does my uncle also have to pay anything to revenue for disposal of the asset. I have heard people say he may have to pay cgt on the difference between the value the land when he received it and the value put on it by the assessor!!.

Any information or a pointer to a good resource for this specific query would be great.

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