Hi Brendan,O'Hanlon Tax has an article on the topic here.
(The document is described as unsecure so download it at your own risk.)
As they are specialists, it might be worth getting their opinion on it, as your solicitor and accountant seem to disagree.
I am not a lawyer or tax expert, but from reading this document, it appears that they can disclaim the house but it will be regarded as a gift from your siblings to you reduced by the cash they get in exchange, so my example above is correct, I think.
Brendan
My siblings have no interest in the house and want me to have it. I suggested they disclaim the house and I will disclaim the cash.
To simplify things, I'm saying the house is 300k, plus the cash is 300k.
To simplify things, I'm saying the house is 300k, plus the cash is 300k.
Each of the 4 has a 60k share in the house.
Yes, they are in full agreement. They would like to see the property remaining in the family and understand that the house will need to be more or less knocked (a number of builders have stated this). If I have to pay a lot of GCT tax, it becomes a very expensive site.Are you sure that all siblings are in agreement? If someone said to me that they have no interest in the house, I would assume that they still want their share of the inheritance i.e €120k
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