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Good morning Alan, I am acting for a client who in 2006 reached a verbal agreement with his father concerning the transfer of a site to him. He subsequently obtained planning permission and built a house on the site within 12 months thereafter but to date no Deed of Transfer has been executed. I am now instructed to sort matters out. The site would have been worth 10000 euro in 2006 and the property / dwellinghouse would now be worth 250,000.00. I am wondering about the CGT, stamp duty and gift tax implications. Is the date of disposal the date of the verbal agreement in 2006 or now once the Deed is signed? Is stamp duty worked out at 2% of 10K or 1% of 250,000?? Similarly, has my client only received a gift of 10K in 2006? I await with interest your views on the matter. Thanking you in advance. John

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Asked on 25 August 2016 10:46 am