Dáil Éireann Debate, Tuesday - 9 February 2010
173 Deputy Kieran O’Donnell asked the Minister for Finance the implications for parents intending to transfer ownership of a site or land to their children on foot of proposed changes in this area under the Finance Bill 2010; and if he will make a statement on the matter. [6159/10]
View answerTransfers from a parent to a child of a site not exceeding one acre in size and €500,000 in value are exempt from both Capital Gains Tax and Stamp Duty, where the site is to be used to build the child's only or main residence. The Commission on Taxation recommended the abolition of these exemptions (recommendation 8.20). The Government considered this and other recommendations of the Commission in the context of Budget 2010 and Finance Bill 2010 but it was decided not to address these matters at this stage.
