The business advice clinic, in association with PKF O’Connor, Leddy & Holmes. In this session, Catherine McGovern, tax director, talks about what happens when you transfer a residential property to one of your children.
I am considering transferring a residential property to my child to be used as their principal private residence, is there any tax relief available?
Where a residential property is transferred by gift or inheritance to a child, such a transfer would ordinarily be a Capital Acquisitions Tax event. This may result in a Capital Acquisitions Tax liability or the utilisation of the child’s Capital Acquisitions Tax-free threshold (currently €280,000 on transfers from a parent to a child).
Provided certain conditions are satisfied, the transfer of residential property to be used as the child’s principal private residence may be exempt from Capital Acquisitions Tax.
For detailed information it is best to seek legal advice.This post was originally published here - https://www.thinkbusiness.ie/articles/tax-back-on-property/ on