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Gift of Plot
tiger30
Posts: 1 Newbie
Looking for some guidance...
My parents own a small holding of around 40 acres and they have agreed to give myself and my husband a plot to build a house on. We will be getting the planning permission etc.
So, what I looking to clear up is whether my parents can simply gift us the land without any tax implications or is there more to it than this?
Thanks
My parents own a small holding of around 40 acres and they have agreed to give myself and my husband a plot to build a house on. We will be getting the planning permission etc.
So, what I looking to clear up is whether my parents can simply gift us the land without any tax implications or is there more to it than this?
Thanks
0
Comments
-
There are no taxes on gifts in the UK.
If your parents' total estate is likely to be over £650k and they die within 7 years of the gift, there could be inheritance tax implications. However if they were to keep the land then die then it would be the same, so I wouldn't worry about it.0
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