Temporary gift duty exemption for building land and new homes (up to €100,000)

Article 8 of the 2015 Finance Act creates Articles 790 H and 790 I of the General Tax Code. Gifts in full ownership are exempt from gift duty up to €100,000 (child, ascendant, spouse or civil partner), €45,000 (sibling) or €35,000 (other person): gifts of building land made by notarial deed signed in 2015, if the recipient undertakes to build new homes within four years; gifts of new homes whose building permit was obtained between 1 September 2014 and 31 December 2016, given within three years of the permit and never occupied. Gifts from the same donor may be exempted up to €100,000 in total. Failure to meet the conditions triggers an additional duty.