Looking for some clarification please on the following:
Spouse dies willing everything to surviving Spouse, including house and a small field adjacent that was purchased by them about 10 years after they bought house.
Am I right in thinking there is no CGT/CAT tax liability for the surviving spouse for neither home or site (bought in both names)?
Also if the surviving person decides they want to gift or sell site to son would the seller be liable for tax on any financial gain between the initial purchase price and the sale price (if sold) or has that been reset for want of a better word when the site was re-registered following death of spouse, eg paid €10k in 2000 now worth €100k is there a CGT liability on the €90k?
If the family member is gifted this site is there any CAT on it if this is their portion of a proposed inheritance .
Hope this makes sense, trying to work out which is most cost effective way of doing this.
Thanks
Spouse dies willing everything to surviving Spouse, including house and a small field adjacent that was purchased by them about 10 years after they bought house.
Am I right in thinking there is no CGT/CAT tax liability for the surviving spouse for neither home or site (bought in both names)?
Also if the surviving person decides they want to gift or sell site to son would the seller be liable for tax on any financial gain between the initial purchase price and the sale price (if sold) or has that been reset for want of a better word when the site was re-registered following death of spouse, eg paid €10k in 2000 now worth €100k is there a CGT liability on the €90k?
If the family member is gifted this site is there any CAT on it if this is their portion of a proposed inheritance .
Hope this makes sense, trying to work out which is most cost effective way of doing this.
Thanks