There is no Capital Gains Tax on the disposal of a site from a parent to a child where the transfer is to enable the child construct a principal private residence on the site. The market value of the site must not exceed €500,000 .The area of the site (exclusive of the area on which the house is to be built) must not exceed one acre.
If the child subsequently disposes of the site without having occupied a principal private residence on the site for at least three years, then the capital gain which would have been paid by the parent on the initial transfer will be payable by the child in addition to his/her own gain.
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie