CA24 Value (600k) Higher than amount raised at house sale (540k)

[aisling o'b]

I acted as a executor in my dad's estate and sold his house after getting the Grant of Probate. It sold for €540,000 but we had entered €600,000 on the CA24 form when applying for probate.

I understood that if we undervalued the house, the estate would have had a CGT liability but what happens now to the €60,000 difference? My nephew is one of the beneficiaries and was due to inherit a sixth share, €100,000. He paid inheritance tax on €100,000 after getting advice from a book keeper he uses for work. Should he only have paid tax on the €90,000 he received or was his bookkeeper correct to make him pay on the 100k?

He potentially overpaid by €10,000*33%. Would Revenue refund him?

He mentioned it to the guy that gave him the advice and he suggested speaking to me (the executor) about submitting a corrective affidavit.

Much and all as I don't want to see my nephew over paying tax, I really don't want to revisit the whole thing to be honest. Any advice, much appreciated. I don't believe it had any affect on me or my sister's tax situation as we were both well under the parent-to-child CAT threshold.

 

[PMU]

He mentioned it to the guy that gave him the advice and he suggested speaking to me (the executor) about submitting a corrective affidavit.

Revenue won't accept a corrective affidavit in this situation: "You should only submit a CA26 in order to amend material errors or omissions in your original CA24. It should not cover events that happened after the date of death, such as where a property’s value is reduced. Fluctuations in the property market are not considered to be material errors." https://www.revenue.ie/en/gains-gif...leting-a-corrective-affidavit-ca26/index.aspx

 

[aisling o'b]

Thanks very much PMU. So, that probably takes me out of the frame.

It's really up to my nephew, then, to revisit with Revenue concerning the over-payment. That's if he has actually over-paid. Has he?

 

[CKGRAL]

You are still able to submit the corrective affidavit. And you are the one that needs to submit it. Even though it is not considered a material error, in my experience the probate office will still accept same and correct the value.