Quick question lads.
I want to give my sister a bit of a field for a site.
Would there be tax implications?? 
Depends on value. You can gift a sibling something tax free below a threshold. V workable id say
If the field is valued at less than €32,500 - no.
There will be implications should you decide to gift other assets to siblings in the future though.
Well at the minute it’s a field. When she gets planning it will be worth six figures. She doesn’t have planning yet, but the engineer says she’ll get it. If I sign it over now will I fall foul??
The value of the field is the value of the field.
The six figures is the value of house plus field.
Value of field doesn’t change.
So it doesnt matter when you transfer it and so long its below 32.5k in value (on its own) then there are no tax implications.
Just FYI, you wouldn’t have any tax liability anyway, it would be on your sister as she has received the gift.
CGT on disposal? Deemed market value.
No - it’s CAT.
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There’s two separate transactions though.
Flatty is disposing of the field- CGT.
The sister gets the gift- CAT.
I never thought of that.
Fuck me - the tax laws suck.
Did farmer pass his accountancy exams? 
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Yes. 13 years ago. And I haven’t looked at a bit of tax since then.
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The value of the site is going to be nominal once the local auctioneer gets the wink
But if the sister decides to sell on in the future then she’s screwed as her gain would be massive.
What about if I leased her the field and she built on it. She has no house. Woukd she pay cgt on her home??
She won’t get a mortgage on a leased field
There’s lads making a mountain out of a Mohill* here.
First used in 2009.
I would transfer the field to her now at market value. Tax liability is inevitable unfortunately and this is the least messy way.
Of course the other question is whether you or your sister are willing to take a risk and not declare the full amount.
She has enough put by mostly and I might be able lend her a bit.
If I make no money by giving her the field, how would it be taxed? Also, if I sold it for what I paid as part of a farm, ie its an acre, so worked out at a percentage of what I paid for the farm, would that be acceptable, in which case there would be no profit either way, but then if she gets planning permission it’s a whole different price bracket, could I get nailed on that??
Market value on an agricultural field is less than a tenth than if/when it gets planning.
Have you ever met Hughie McElvaney from Monaghan. Work away with the experts here re: the field, you’re in the clear with the gift. All legal and tidy.
The planning is where it gets tricky. This is where Hughie comes in. Well maybe not actually Hughie but somebody who understands the term “grease the right wheels”.
You’ll figure it out.
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