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The base cost, for CGT purposes, is, as you state, the value on the date of death of the person from whom they are inherited. The price that person paid for them is no longer relevant.

The period in which both of you are living in the house does not count towards the three year period needed prior to the gift. For the purposes of the dwelling house exemption, the three year period only starts when your daughter is living in the house without you.

Great news for those who got less than €1,000 from the deal and whose option to have it treated as a capital gain was not processed on time - the Revenue will treat these cases as CGT unless you opted for income tax treatment...

There is no liability to NPPR in the period from your in-laws' death to the date that probate was extracted. However, once probate is granted, the executor is the deemed owner of the property and so liable to the charge.

it does.

Fees are not tax deductible unless you are paying college fees for more than one person. If you pay her accommodation, the first €3k per annum comes under the "small gift exemption" and so is ignored for capital acquisitions tax (so if you haven't given her anything so far this year, best to...

monagt, I can't tell if we are agreeing or disagreeing. However, to reiterate to the OP, at present a school can discriminate between potential employees based on their religion or any other issue (such as family status, homosexuality etc) that could be deemed to impact on the school's ethos...

Unfortunately you are wrong. At present, the exemption from the equality legislation for schools would allow them to fire a homosexual teacher on the basis that it impacts on the school's religious ethos.

The value of your mother's inheritance will be the net value of his estate, so all his assets less his liabilities (such as the mortgage) and funeral expenses. If this figure is then less than €225k and your mother has not received any gifts/inheritances from her parents since December 1991...

section 8 of the CATA deals with "gift splitting" and refers only to gifts, not inheritances.

You get a 3k small gift exemption each year in relation to all individuals who give you a gift so if the loan is from both of your parents' funds, the small gift exemption is €6k. The deemed gift is calculated using the interest your parents would get if they placed the money on deposit which...

No, the only debts that can be taken into account in calculating the "farmer test" is a mortgage on a person's principal private residence.

What do you mean by this? Tax is payable on rent (turnover) less allowable deductions. While those deductions don't include all of the interest on borrowings, it does include 75% of it.

I had read it as her husband having an income of 22k - not 22k at 41%, so sorry eiko, the others are right.

The person in Revenue is wrong. You are entitled to your own standard rate band of at least €23,800. Presuming you have no other sources of income for the year your tax credit covers your income tax.

the waiting period for cover does not apply if you have been without cover for less than 13 weeks. Someone asked what I achieved by going 12 weeks without cover - the answer is a significant saving. Yes, we were without cover for that period but, like most young families, we are healthy. We...

would taking the policy out in your spouse's name work? I know we've used the 12 week period to our advantage in the past but I can't recall if we changed provider (though I do know that we changed the main policyholder at some point).

try Hickey Clarke & Langan. They are brokers in Donegal but act for Lloyds and can get very competitive quotes.

Kimmagegirl, when you say the house was disposed of who disposed of it and to whom? If the executor disposed of it and gave the net proceeds of the sale to the beneficiary, then the estate has CGT. If you mean that the executor disposed of it to the beneficiary and it has not yet been sold...

they are VAT exempt.