karltimber
Registered User
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Whoever owns the property has a CGT liability
Has the estate been distributed?
If not, then the estate/executor is liable for the CGT
The siblings may be liable for extra CAT if the value distributed is above the valuation in the probate submission. A revised submission will be required
Thanks all. I note from revenue it does say property price fluctuations can't be corrected:
"It should be noted that events that happened after the date of death do not
constitute a material error or omission. For example, fluctuations in
property values after the date of death are not considered material errors".
In our case, we got 2 valuations and went for midway point between the two in an effort to be honest/fair about it, but with no consideration of note in valuation that it could go for more with competitive bidding. So the difference in price achieved isn't just down to fluctuations in the market. I think we didn't believe it could go for, but now that we are selling we can see that actually it is in high demand. It would seem unfair to be penalised due to inexperience.
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