We don't have Inland Revenue, at least since 1922. They are called Revenue Commissioners or Revenue for short.The "base cost" of the house is the valuation that was submitted on the Inland Revenue Affidavit. The form does not allow a range of values to be inserted. if the Executor sells the property then CGT will have to be paid on any capital gain.
The sensible step for your sibling to take is to wait some months and see of Covid depresses that valuation. However, if the valuation goes down you would receive less money from your share of the proceeds.
Jim Stafford
It's the name of a return, that's made to... RevenueWe don't have Inland Revenue, at least since 1922. They are called Revenue Commissioners or Revenue for short.
We don't have Inland Revenue, at least since 1922. They are called Revenue Commissioners or Revenue for short.
Surely this is wrong. The valuation was just an estimated price.
I stand corrected....rush of blood following Brexit overdose apology to Jim et al.Completing an Inland Revenue Affidavit (CA24)
This page is a step-by-step guide which you can use to complete the Inland Revenue Affidavit (CA24) formrevenue.ie
When I first saw a reference to "Inland Revenue", I also thought it was a mistake.
But that is the name of the CA24 form.
....
I can only assume, they took the lower price of the estimate, 375k, and made out, between our father's death and selling, we accumulated a capital gain of 35k. 33% of the gain is approx 11.500.
Surely this is wrong. The valuation was just an estimated price. The house remained empty since our fathers death and requires repair.
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