Your idea would be obviously more favorable but let's see as it seems to be quite a convoluted area...
Thanks
FlimFlam
Ummmmm.... I wasn't just making idle conversation, I know what I'm talking about!!
Eh? idle conversation?...no-one's accusing anyone of idle conversation...
The mere mention of "obviously more favorable" alludes to your contention that I wouldn't have to pay an additional tax (CGT) IF I was to sell on the property (after as the given example of one year)....and so would obviously be a more favorable outcome to me financially.
"Convoluted area" is reason why I'm actually asking the question in the first place since having done research, checked Revenue in addition to a host of other financial sites I was still stumped...to a self acknowledged mere protozoa in the tax universe it is quite a 'convoluted area'.
I appreciate your contribution to my query but in advance I did know not of your financial nous...if I had I might even have tempered my response;-)
Thanks again
FlimFlam
Also your CAT calculation is off. You have a threshold of 30,150 ( could be more depending on the date of death of your uncle) free of tax. So CAT is (300,000 less 30,150 ) x 33% ( this rate also depends on date of death) =89,050 roughly.
In relation to both taxes obviously costs , etc can be taken off the calculation but I won't get into that as it might confuse you.
It's not the "more favourable" or the "convoluted area" references that bemused me - it was the "your idea" part of your reply!
I'm not sure what part of my post you interpreted as being my "idea" - I was stating FACTS in what I thought was quite a factual and easily verifiable way! But maybe I should have linked to the relevant information...
You say you've searched Revenue - have you browsed this: - specifically Chapter 3 (and in your case as regards the "cost" of the asset you inherit, most specifically Paragraph 2).
I believe the appropriate response when you have two posters actually trying to help you is 'thank you', not the clever retorts above.
Joking aside, I believe the appropriate response when you have two posters actually trying to help you ( who are both professionals in the relevant area) is 'thank you', not the clever retorts above.
Especially with your very clear post on CGT. OP with an inheritance of that size you really ought to pay a professional.
(For my own information what is SGE?)
To be pedantic, the gain on selling any property is liable to CGT but you get an allowance for your Principle Private Residence equal to it's gain price so there is no liability on it.
It's a bit like the difference between something being exempt from VAT and being zero-rated.
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?