The reason tax advice is expensive is that it needs to be right.
In general CAT is due based on the valuation date this could be a few dates:
- the date of death
- the date of the grant of probate
- a death when the beneficiary receives or can receive the benefit.
So in your case it was...
You learn something new every day.
I would have assumed that despite not being allowed by their license from driving alone that the insurance would still apply. Like it applies when traveling in excess of the posted speed limit.
BUT it seems that insurers have been changing the terms for...
It revolves around the point of when do you inherit property is it the date of death, the date of the grant of probate or the date that agreement is reached or it’s transferred to you.
For the purposes of CAT it’s the date of the grant of probate except where you are in occupation of the...
So the current market value is €300k.
The purchase price was £42,000
I assume in the 1990s.
So it’s 300k -( €50k (x indexation)) = €240k x 1/3 = €80k - €1,270 = 79k x 30% = €24k!!!!
It’s unfortunate that your name was added to the deeds and that you did not just loan the money to your sibling.
Capital Gains Tax is based on the difference between the sales proceeds and the cost.
This is a difficult situation you were given a 1/3 share in the property for a £10,000 contribution.
So how much did the property cost at the start and how does this compare to the current value?
A simple example might help.
Rental income 12,000
Management fees 500
Auctioneers fees 500
Loan interest 3750
Less Capital allowances on fixtures and fittings 500
Tax approx 3,250.
I would have always said that the base was the house but since the contractors project I’m not so sure.
It could be that you are using the home office for convienec and therefore the place of work changes to the clients office and therefore you are not entitled to claim expenses.
On the face of it I’d imagine your overthinking it unless the fund is heavily invested in one company to a very large extent.
This was brought in, in response to a certain media tycoon who owned a valuable communications company and left Ireland to live in Portugal. He then sold the very...
That looks like income tax not CGT particularly if you have a building company.
VAT is complex in residential property. A second hand house which is outside the VAT net may stay outside the VAT net.
RCT will apply to all payments to subcontractors.
If the land was in your husbands name and was transferred to you on his death then the value at that date or the date of the grant of probate is the base cost.
If the sales price is higher than the base cost then there could be CGT.
If your husband was a farmer then the land might be exempt...
I think that it would be very unwise to write a will stating that the children get everything the your partner does not get.
First of all let’s deal with the house. If they don’t own another house then the house should qualify for the “Dwelling House Exemption” and therefore be exempt from...