CGT / inheritance tax on house - unmarried couple

[ClubMan]

Life cover is in place to clear mortgage when one person passed away.

Do you mean that only one person is covered or are both?

I was reading briefly about the dwelling house exemption. Would that kick in or would it have to apply, possibly refused?

What exactly are you referring to here? Fair Deal scheme or something else?

 

[Monbretia]

by doing some research today seems you have to tell someone as you need to name your witnesses when registering your intent to marry … I’d be happy to grab two witnesses of the street and tell everyone afterwards

Ah yeh but you don't have to tell anyone you know, some two randomers will do the job just fine

 

[newbiehelp]

I believe you have to give 3 months notice of intent to marry

Yes that’s correct but looks like you may need to name your witnesses when registering your intent to marry
I’d be happy to register, get my date, grab 2 witnesses that day and tell everyone afterwards
That won’t work if I have to name the witnesses when we register our intent

I love a bit of romance

if only the tax laws weren’t so old fashioned….

 

[Brendan Burgess]

That won’t work if I have to name the witnesses when we register our intent

Name them without telling them.

 

[Brendan Burgess]

I presume a solicitor and her assistant would do.

 

[newbiehelp]

Do you mean that only one person is covered or are both?

Both covered, whoever dies first, the mortgage will be cleared for the other person

What exactly are you referring to here? Fair Deal scheme or something else

Re the dwelling house exemption, it says it must be main home of the person who dies, and the main home of the person getting the inheritance and they must have lived there for 3 years immediately before date of inheritance …. That’s in my own words

So if our home is the only house we have and we’ve both lived in it for approx 20 years, could that automatically mean neither of us would be liable for inheritance tax?

It also states you can’t own or have a share of another house at date of inheritance ….. so in the event of either of us possibly inheriting a small share of a house in the future from a parent at the same time, that would negate the dwelling house exemption and we would be hit with a large tax bill on inheriting the half of our own house?

 

[Monbretia]

Fairly sure too you can change the names of those witnesses originally advised at any stage up to day of ceremony, check just in case.

 

[Millie*]

If either of you inherit s small share in a house while you are both alive you would not be able to avail of the dwelling house exemption.
However you both would have the option of selling the small share immediately.Once thats done and all conditions are satisfied you can then avail of the relief

 

[newbiehelp]

either of you inherit s small share in a house while you are both alive you would not be able to avail of the dwelling house exemption.
However you both would have the option of selling the small share immediately.Once thats done and all conditions are satisfied you can then avail of the relief

That’s what I thought but god forbid if something happened before you had a chance to sell it, we would be in trouble

 

[misemoi]

If they are not averse to being married and the responsibilities it brings, and the only reason it is not yet done is avoiding the faff, then I would go for it. No need for an engagement or big announcement if they don't want it, think of it as a fancy way of filing paperwork like a will or a tax return. You don't even need to get dolled up or go for a nice meal after! But it could also be a nice way to mark a change in the legal status of your relationship.

BTW in NYC notice is 24 hours and you only need one witness. So you could get the job done on a long weekend Grabbing a witness of the street in a registry office in Dublin would not be very common and you might struggle to get 2 so I would advise against that.

 

[T McGibney]

I’d be happy to grab two witnesses of the street and tell everyone afterwards

Given the criminal penalties in place for facilitating sham marriages, nobody except the most naive would agree on the spur of the moment to act as marriage witnesses for complete strangers.

 

[newbiehelp]

Already engaged for way longer than most marriages last

I won’t rely on strangers, but need to just work on the logistics

Who said romance is dead….

 

[Black Sheep]

The loss of a long term a spouse/partner is a huge blow to any of us and a complete change of lifestyle so you do not need the stress and worries about finance, mortgage and CAT. Time to get down to the Registry Office ASAP and enjoy life as it is with your future secured, in the best way you can.