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Tax to pay on gift of property??

  • 02-11-2005 6:10pm
    #1
    scoobysnacks
    Closed Accounts Posts: 85 ✭✭


    I am wondering if anyone can shed any light on this.

    If someone is given a gift of property by a living relative, the property in question being a small site with an old run down house on it, what fees, tax etc would they have to pay???

    Is it CGT, Inheritance tax, or gift tax and at what level??

    Its all a bit confusing and want to clear it up in my own mind before making any professional enquiries.

    Many Thanks


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,511 ✭✭✭✭Victor


    CAT (capital acquisitions tax) is the relevant tax. From parents to children there are quite generous allowances, for other relations a more modest allowance and for strangers (including common-law partners, girlfriends, friends, etc) it is much more modest. After that you pay 20%.

    There may be stamp duty involved.


  • #3
    ck1
    Registered Users, Registered Users 2 Posts: 123 ✭✭ck1


    There may be stamp duty involved.[/QUOTE]


    Stamp Duty is payable unfortunately, however it is at a rate of 1/2 the normal rate applicable.


  • #4
    daymobrew
    Registered Users, Registered Users 2 Posts: 6,532 ✭✭✭daymobrew


    Get the answer straight from the horse's mouth - ring the Revenue Commissioners. They have been very helpful whenever I've called.
    The answer is probably on the site somewhere - there is a search feature available.
    Stamp Duty
    To make general enquiries about stamp duty: Lo-Call 1890 48 25 82

    Capital Acquisitions Tax (CAT)
    To make general enquiries about CAT: Lo-Call 1890 20 11 04


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