Transferring Ownership to a Family Member: Conveyancing

Transfer of family home or other property between spouses and civil partners

 A typical situation here is when owner John wishes to transfer the house, he already owns, into the joint names of himself and his new wife Mary. There is a total exemption from stamp duty here and no Capital Acquisition Tax (CAT) although John is, in effect, gifting 50% of his interest in the house to Marie. 
 
Transfer of family home or other property from parent to a son or daughter 

There is a stamp duty charge here being 1% of the market value of residential property or 7.5% if the property is non-residential. You must supply a valuer’s certificate to establish the market value of the property.  

Unfortunately, for the recipient of the house or property, he /she may also be liable to Gift Tax although children are exempt from Gift Tax on any property worth up to a limit of €330,000 value. Everything after that value is taxable. Note that Gift tax is a cumulative tax so you may be exempt on the first gift but could well be liable to pay the tax on a second or subsequent gift as your threshold has now been exhausted.  

Transfer of property from an uncle/aunt to a nephew/niece  

The stamp duty will be 1% on residential property or 7.5% on non-residential property. The nephew or niece may have received a valuable house or site for nothing but, unfortunately, is liable for CAT at 33% on the value of the property and only enjoys a small tax-free threshold of €32,500.  

Transfer of a farm to family members 

There is agricultural relief here so a son or daughter inheriting the family farm up to value of €2.25 million is CAT free but still must pay non-residential stamp duty. 

 Transfer or Bequest of family home to son or daughter living with parent 

 If the son or daughter has been living at home with his/her parent continuously for a period of three years before the death of the parent, then likely no CAT will be chargeable on that inheritance. In addition, no stamp duty will be payable on the deed of Assent vesting the property in the son or daughter. 

If a person requires legal assistance on a property sale/purchase matter from property solicitors, we can be contacted on  (052) 612 1999 or (01) 546 1121.