Selling A Gifted House

S

Sparx23

Guest
Hi all,
Long time reader, first time poster.

I was gifted my house 2 years ago by my father on behalf of his deceased mother.
I had lived in the house for the previous 7 years.

Considering selling up and heading to the US but I'm unsure of what kind of CAT I'd expect to have to pay?

I'm sure the solicitor could answer this but I've paid them enough already.

Any info is greatly appreciated.
 
Was CAT not an issue when you acquired the asset?
Or do you mean CGT if/when you sell up?
I reckon nobody will be able to answer your substantive question without more details and a few figures.
 
Presumably the gift was exempt from CAT as you lived in the property for 3 years prior to the gift? (Technically it was probably deemed an inhertance from your Grandmother but the exemption would still apply.)

The exemption may be withdrawn if you sell the property within 6 years. There are exceptions to this, for example if you were aged 55 or over at the time of the gift or you reinvest the proceeds in another dwelling house.
 
Apologies, I meant CGT when I sell up, I was exempt from CAT as I had lived there for more than 3 years prior to the gift

It’s the only gift/ inheritance I have ever received. House was valued at €440k two years ago and is worth about the same now – I hope
 
CGT is tax on gains in value, so you can only owe CGT if it's worth more when you sell it than when you bought it... if it's your Principal Private Residence, and has been for the entire period* you owned it, then you are exempt from any CGT liability anyway.

Your issue, as Smeharg has pointed out, is that any CAT exemption you received when you inherited, may be dependent on you not selling the property for at least 6 years. You need to get proper advice before acting - I would recommend an accountant / tax consultant rather than a solicitor, a couple of hundred quid for good advice here could pay for itself many times over.
 
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