I think the tax is payable 4 months after the valuation date. The problem is ascertaining what the actual value of a property is in the current market. I'm sure Revenue has some info on that.
Sprite
This section are extremely helpful, the only reason solicitors don't advise you if this option is that hey get to wrap things up quicker, get paid and move on to the next victim. Solicitors charge a fortune for what can be quite easily done yourself. I know a lot of people who have dealt with this section (they are based in CRIO office in O'Connell street) and have found them v. helpful and suprisingly have saved quite a lot of money!!There is something about having it based on sale price of the house but this needs to be applied for immediatley. Contact Revenue on 018655000 and ask for CAT section, they will steer you in the right direction.
You can apply to Revenue for a proceeds of sale letter, where CAT is due on sale proceeds instead of valuation price. Contact Revenue directly for full details as this is a specialised area.
And he would have a capital loss to carry forward to put against any future capital gain on any other asset he may have (unfortunatly useless if you don't have another asset!!He doesn't pay any CGT on the sale as he has made a loss.
I guess the other way to look at it would be if the probate value was €100,000 and the house sold for €120,000 you'd be happy enough....swings and roundabouts I guess!!That doesn't make any sense, if the value of the house is 100,000 at probate but only really worth 80,000 ,then you should only pay tax on the actual REAL value
You are taxed on the value as of a particular date. You may never sell it. It is the fairest way of doing it.That doesn't make any sense, if the value of the house is 100,000 at probate but only really worth 80,000 ,then you should only pay tax on the actual REAL value,
you cannot be expected to pay tax on money you never had or will have, otherwise the whole taxation system doesn't make any sense.
If you were taxed in your pay packet on money that you never received or would receive do you think that would be fine too?
How would I find out who has expertise in this area that I could consult,
Yeah you're right will get some advice, Thanks a million !Any decent tax consultant or accountant should be able to advise. Ask friends & family for recommendations if necessary. And you would be wise imho to get this advice urgently.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?