Sorry that there are a few Revenue updates - they issue lots of these and I try and select the few that I think are helpful.
One little matter that popped up is the matter of 'joint tenancy'. This is a legal term and it means that ownership is not say half or a quarter but access to the whole lot and the survivor takes all. We usually see this in relation to couples and a house 'joint tenants' as opposed to 'tenant in common'. This latter term means % of the asset. It also applies to joint bank accounts and credit union accounts. In relation to married couples and civil partnerships transfers are generally exempt from both CGT and CAT.
However Revenue use the term 'deemed' to mean that if A and B are in joint tenancy that A has 50% and B 50% so that on the death of A, B gets the whole asset but is 'deemed' to have inherited 50% from A. This means it can be rebutted but Revenue probably require more than any verbal arrangement. Its interesting because you have to be able to prove it to rebut it.
One little matter that popped up is the matter of 'joint tenancy'. This is a legal term and it means that ownership is not say half or a quarter but access to the whole lot and the survivor takes all. We usually see this in relation to couples and a house 'joint tenants' as opposed to 'tenant in common'. This latter term means % of the asset. It also applies to joint bank accounts and credit union accounts. In relation to married couples and civil partnerships transfers are generally exempt from both CGT and CAT.
However Revenue use the term 'deemed' to mean that if A and B are in joint tenancy that A has 50% and B 50% so that on the death of A, B gets the whole asset but is 'deemed' to have inherited 50% from A. This means it can be rebutted but Revenue probably require more than any verbal arrangement. Its interesting because you have to be able to prove it to rebut it.