Capital Acquisitions Tax owed: €30k

[tom_12345]

Hi,

I inherited a house from my Uncle some months ago. Currently going through Probate.
€30k is owed as part of CAT.

Am thinking of renovating the house & renting it out.
is there any way to offset the CAT?
I have my own house so inherited house wont be my primary residence.

Thanks

 

[Protocol]

What you do with the asset after inheritance has no impact on any CAT due.

 

[Thirsty]

is there any way to offset the CAT?

Nope. However Revenue will accept staged payments, though there's interest also. It might be worth checking it out if you are asset rich & cash poor.

 

[tom_12345]

Thanks for replies, as I expected.
My wife also in the process of inhering a house from her family, even though we have our own house, no CAT due on that house.
asset rich & cash poor indeed!

 

[elcato]

asset rich & cash poor indeed!

Well you could sell either to remedy it.