Well, that would appear to be the case with the parent in the OP's scenario.If the relative has sufficient income to maintain themselves then the Dependent Relative Credit is unavailable.
According to s 466 the relative’s income cannot exceed the amount of the annual old age contributory pension at age 80 plus the Living Alone Allowance. For 2020 that amounts to €15,060.
So, in summary, there would be no CAT implications with the proposed arrangement (because the father is over 65), but the extension of the PPR exemption from CGT would not apply to the apartment (because the father would not be deemed incapacitated from maintaining himself or herself by old age or infirmity).
Right?
Ah, thanks.On the CAT side, not exactly. That definition relates to dwelling house relief, on a transfer of a dwelling house, and there are other conditions to be met. So the over 65 thing is a red herring in this context, unless there's something / somewhere else in the CAT act that it applies.
AgreedAh, thanks.
So that brings us back to my original point around annual allowances/thresholds (and the fact that Revenue are unlikely to have any interest in a family arrangement of this nature).
Correct?
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