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A client had planned to avail of the dwelling house relief, where his mother would very generously gift the house she bought for the couple after the three year window. The Dwelling House Relief was amended and my client was only 4 months away from reaching that timeframe.
His mom is still planning to transfer the house to the couple.
Is this client able to avail of Dwelling House Relief in its amended format?
Have you any suggestions on how this gift tax can be avoided? Thanks

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Posted by (Questions: 153, Answers: 11)
Asked on 10 July 2018 3:01 pm
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the relief is no longer available for gifts
Depends on value of the house, e.g., if house is worth €620k
Possibly put the house in joint names mother and daughter = gift of €310k to daughter which is within the parent child threshold.
The CAT on the mother’s share of the house can be deferred until the mother dies. Hopefully threshold will have risen by then.

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Posted by (Questions: 5, Answers: 4797)
Answered on 19 July 2018 12:42 pm