Hello,
My fiancee and I have recently got a replacement dwelling passed in the countryside in Northern Ireland. The land is owned by my fiancee's father who is signing the deeds over to us as a gift. Will the government be entitled to tax any of us for the change of ownership on the land??
Many thanks
Tax on change of land ownership
4 posts • Page 1 of 1
Tax on change of land ownership
by dilivio on Mon Mar 08, 2010 10:02 pm
- dilivio
- Posts: 1
- Joined: Mon Mar 08, 2010 9:59 pm
Re: Tax on change of land ownership
by Incredulum on Tue Mar 09, 2010 11:59 am
Father is likely to be subject to CGT based on market value of the property transferred.
- Incredulum
- Posts: 1965
- Joined: Thu Dec 03, 2009 5:35 pm
Re: Tax on change of land ownership
by Lee Young on Wed Mar 10, 2010 10:39 am
The gift of the land may also attract IHT if he dies within 7 years.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner
Partner, Frettens LLP
leeyoung@frettens.co.uk
01202 491701
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner
Partner, Frettens LLP
leeyoung@frettens.co.uk
01202 491701
- Lee Young
- Posts: 2709
- Joined: Wed Aug 06, 2008 3:26 pm
Re: Tax on change of land ownership
by Incredulum on Thu Mar 11, 2010 9:32 am
And if the land is mortgaged, SDLT may apply.
- Incredulum
- Posts: 1965
- Joined: Thu Dec 03, 2009 5:35 pm
4 posts • Page 1 of 1
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