Billy Timmins (Wicklow, Fine Gael)
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Question 229: To ask the Tánaiste and Minister for Finance the area of land that can be transferred from parent to child in order to enable the building of a house before there are capital gains tax implications; and if he will make a statement on the matter. [1773/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Relief from Capital Gains Tax is available where parents transfer a site to a child to enable the child construct a dwelling house for use as his or her only or main residence. The value of the site must not exceed €254,000 and the size of the site must not exceed 0.4047 Hectare (1 acre), excluding the area of the house. The value limit is being increased, following Budget 2008, to €500,000 and this will take effect from 5 December 2007.