Capital Gain Tax on Inherited property

J

jj o sull

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Hello - just looking for quick advice - i will prob go to an accountant for filing if there are any benefit of doing that, but just wanted to understand what type of liability we would be facing and what type of allowance if any is there for capital gains.

Inherited property from Family member to 4 siblings (all taxes / duties paid on the inheritance)

Sale Price - 76,000
Fees (Solictor /etc) 6,000
Net 70,000

70,000 / 4 = 17,500 - net gain per sibling
CGT @ 33% = 5,827 - liability per sibling.

is there any other allowance here - is this the approx amount due?

If that's it, does anyone know if it is easy / straightforward to submit a payment to Revenue w/o having to pay an accountant.
Appreciate any advice / input.
 
You may be confusing CAT and CGT.

If you inherit an asset, you may pay CAT, depending on your link with the disponer.

CGT is paid if you make a gain on the disposal of an asset.

You mention inheritance, but you also mention sale.

More info needed.
 
Thanks for the reply - perhaps my message was confusing - but it's CGT I believe.

The property was inherited years ago from our mother - approx 10 years. All taxes etc were paid at that time on that inheritance.

In 2017 - the property was sold for the amount mentioned above and now i am trying to understand what the CGT liability is for the disposal / sale of the asset per the figures above.
Thanks
 
You haven't mentioned base cost on acquisition, ie the market value of the asset on the date you jointly acquired it.

Get specific professional advice. Without it, you run the risk of spectacularly overpaying your tax liability.
 
You have to calculate the gain - not the net sale value per sibling. What was the value of the property when it was inherited? The gain is the difference between the inherited value and the net sale value of 17,500
 
thanks for the replies - as it was 10 years ago the market value was probably higher than it is now - I will see if that was documented anywhere at the time before consulting with a professional to settle it.
 
Well, it must have been documented in the probate documents or how else would you know what inheritance taxes you paid or were exempt from
 
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