The property appears to have been left to all the brothers and sisters so even though it may have been OP's PPR it is not theirs solely. So more than likely there is a significant CGT liability.
Yes, it is the taxpayers liability but in some circumstances the solicitor carries a very significant responsibility ( e.g. as agent for non resident tax liable owners) and they ( the solicitor )should make sure that any CGT liability is discharged or else they will carry the liability.
While I appreciate that recent events have very much exposed how significantly a solicitor can "screw" the system, the banks and their clients, it would be wise not to jump to any conclusions about the solicitor in the situation as presented.
And if we could all remember, you hear one side of the story only on boards like this. It is better to try and tease out the likely/possible issues before jumping to (potentially) entirely incorrect conclusions.
mf
13. How do I calculate my tax?
Capital Gains Tax is a self- assessment tax. Regardless of whether you are registered for tax purposes you must calculate and pay your tax and file a return of gains and losses without being requested to do so by Revenue
How difficult is it to calculate CGT?
I thought it's 20% of any gain of the value of the asset over time less the allowance and the cost of disposal (estate agent & legal fees), so it should be;
(Sale price - acquisition value) x 0.2
Also, I didn't know the solicitor was responsible for ensuring it was paid. When I sold an investment property a couple of years back, the solicitor provided an estimate of the tax due, but it was up to me to make the return.
Also, I didn't know the solicitor was responsible for ensuring it was paid. When I sold an investment property a couple of years back, the solicitor provided an estimate of the tax due, but it was up to me to make the return.
Whilst it unclear from the op's post if this applies, in circumstances where a one or more of the vendors is non resident - the solicitor must ensure the CGT is paid
OP what was the value of the house when your parents died and what year, also what was it sold for. How many of you are there, did both parents die at the same time, are all of the beneficiaries living in Ireland. If you give details like this then maybe someone on here could calculate the likely CGT tax.
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