Sorry to drag up an old post but I have just been through this situation and thought it might be useful for future thread searchers to know the actual Revenue position. In the exact scenario as outlined in the first post, where the person taking the house has enough inheritance to do so without...
Sorry, found it. Second half of last para here, https://www.charteredaccountants.ie/taxsource/1997/en/act/pub/0039/nfg/sec0739G-nfg.html ...
Under section 104 of the Capital Acquisitions Tax Consolidation Act 2003, where inheritance tax is charged in respect of property on an event happening...
Hi,
I am doing the IT38 online form to file an inheritance. Part of the inheritance was in the form of a life product that had a 41% exit tax. My understanding is that this is declared gross on the IT38 and a credit for the exit tax paid is then taken. I can't figure out where this credit goes...
Hi Steven,
Thanks for that. I've never actually had any contact with Irish Life since the transfer over (other than them sending me stuff related to that transfer) so this was my first time contacting them. They offered contact details for my "personal adviser" who turned out to be a third...
Hi,
I am 50 yrs old, mixed employed/self employed history, have had an old Canada Life/Now Irish Pension since my 20's but at very low premiums. Also have an Aviva pension from when I did a tax related contribution a while back, no longer contributing into that. I have outside savings that I...
OK I think I have it. Generally, the revenue does allow CGT to be offset against CAT arising from the same event. However they don't see the sale of assets during the administration of an estate as being the same event as the CAT on the inheritance. Here is their note (from...
Just to add some results of my research so far. Re date of valuation, it appears that for a house that is being passed to a non occupier or spouse, in a typical "residue of my estate" type will, the date of valuation is indeed the date of grant of probate ([broken link removed]). But this is...
That kind of gets to the nub of one side of the question - if the date of valuation is the date of gop then the gain is extinguished with the death and there is no possibility of a double hit as the estate would never pay any cgt.
But there definitely does seem to be a situation where the...
Apologies if this has been dealt with before. Assume a simple will with a single property going to a single beneficiary who is already over their CAT threshold. The estate has a valuation for the property at date of death of 100k. They sell it during administration for 150k. My understanding is...
Hi,
My Dad passed away recently and left a simple will dividing his assets up between myself and my 3 sisters. In his final days he expressed a wish to gift some cash to a couple of people who were involved in his care and also to extend the will to include his grandchildren, in a way that...
Hi,
I fill out a FORM 11 as I have had some non-PAYE income. This has dwindled in recent years and I will probably file for cessation of trade for 2012. However I had a small amount for 2011 so I needed to fill it in. For various reasons I was late doing it and only got to it this week. In the...
House was £90,000 at the time (mid 90's) and subsequently sold for 700,000+ in the boom. Of course the question is - would we have sold at the height :)
Dear God - I think you may have gone to the same school of economics as him :)
If you think you've made a profit if you have more than your original investment after ten years then I want to borrow some money off you! Obviously there is the foregone profit of whatever else I might have done...
I don't understand that, are you saying that joint ownership of any kind is no better than renting? Surely he would benefit from any rise in the value of the house? And obviously would eventually live in the house rent free when his mortgage is paid off? Both of which will never happen if he...
I have my own house and could buy another place on my own. I was only suggesting this as a way to get him started. My post is really based on my surprise at his suspicion of the deal. Do banks allow this kind of deal? Obviously commercial property is bought this way all the time (I assume? Will...
Ha, possibly :) I had another friend want to go halves on what would have been both our first houses years ago and I chickened out. I still regret that, we would have made a fortune :) And he wasn't offering his half to me as guarantee :D
Hi,
This is a strange one I think. I have a close friend who is mid 30's and still renting. He is in a steady, pensionable but not great paying (circa 40k) job. I have been encouraging him to get on the property ladder over the last few months as I believe the market is close to bottoming out...
Hi,
I am doing my own tax return via ROS for the first time this year. Previously it was done for me by an accountant but my non-paye earnings had become so little that the accountant was costing me more than the tax bill :P
I think the only complicated thing the accountants did was a...
Hi,
First post, be gentle :) I am looking to start a personal persion with a max allowed one off contribtuion this year. My accountant is recommending Hibernian Horizon, on a nil-commission basis. As far as I can see, this is not a PRSA pension. A note from Hibernian seems to indicate a 100.5%...