Thanks for the information, what would the CGT be calculated from for arguments sake, the land was handed down to him as far as we are aware. What value would be used to calculate the gain?If your mother disposes of the land, and makes a capital gain on the disposal, then yes, she may be liable to CGT.
A child's lifetime CAT-free allowance is 335k.
In this case, it might be relevant if farming is involved, and if either child wishes to farm the land. In those cases, there may be relief from CAT available.
Ah yes, I see .The base value for CGT is the value at the transfer from deceased husband.
It is correct.Not sure this is correct
Not in this case. @Protocol is correct.the acquisition value is the original value when the husband acquired it.
Selling it, and passing the proceeds of the sale to her 2 children would be cleaner than passing the land itself to them?
Value of the land and any remaining assets would fall comfortably within the 670k total allowance for both children.Will her total estate be more than €670k which would result in a CAT liability for them
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