inheriting a family home tax issue

Discussion in 'Wills, inheritances and gifts' started by john luc, Jun 27, 2018.

  1. john luc

    john luc Frequent Poster

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  2. mf1

    mf1 Frequent Poster

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    "Revenue are challenging their own rules here in court."

    No - they're challenging the Tax Appeals Commissioners decision .

    And it is a very interesting case - there does not seem to be any shortage of money and plenty of property to go around!

    mf
     
  3. Joe_90

    Joe_90 Frequent Poster

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    It revolves around the point of when do you inherit property is it the date of death, the date of the grant of probate or the date that agreement is reached or it’s transferred to you.

    For the purposes of CAT it’s the date of the grant of probate except where you are in occupation of the property, when it’s the date of death. So she is arguing that on the date of her fathers death when she inherited the house she did not have an interest in another residential property.

    The Revenue disagree that she in fact she inherited the other residential property on his death.

    Not too sure what the answer is. I’d imagine that if herself and her brother inherited 1/2 the estate on his death then she has an interest in residential property. The fact that they decided to carve it up later is a bit irrelevant.
     
  4. john luc

    john luc Frequent Poster

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    well I hope revenue lose this case as the house was and is her home. Revenue to me are the legalised mafia who take a piece from just about every persons financial transactions throughout their lives
     
  5. mf1

    mf1 Frequent Poster

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    Its called taxation. It's what is used to run the country.

    And this is not a penury case. There are multiple properties in the estate - including her principal private residence.

    mf
     
  6. john luc

    john luc Frequent Poster

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    so they are really not entitled to own these. very socialist sounding that.
     
  7. Seagull

    Seagull Frequent Poster

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    They are perfectly entitled to own other property, just not to plead poverty and inability to pay inheritance tax while doing so.
     
  8. john luc

    john luc Frequent Poster

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    Last edited: Jun 28, 2018
    actually only a fool pays a tax that is not due and they are saying that the rules applied and so no tax due. This was held up on appeal but the revenue are trying to interpret the rule differently. I know of a different type of case where revenue went all the way to court and after costing the small business a lot of money the judge read revenue rules and just threw out the case.
     
    Last edited: Jun 28, 2018