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CGT on inherited shares

  • 23-06-2009 11:31am
    #1
    sobs
    Registered Users, Registered Users 2 Posts: 39 ✭


    Hi. I will soon receive Kerry Group plc shares that were left to me in a will from my father. The current value of the shares is approx 20,000. If I sell the shares in the future, how will the capital gains be calculated? TIA


Comments

  • #2
    Dan Chipowski
    Closed Accounts Posts: 1,072 ✭✭✭Dan Chipowski


    sobs wrote: »
    Hi. I will soon receive Kerry Group plc shares that were left to me in a will from my father. The current value of the shares is approx 20,000. If I sell the shares in the future, how will the capital gains be calculated? TIA

    You will be liable to CGT at 25% (assuming the sale is after April 7th 2009), but only on the difference between the market value of the shares at the date of your father's death, and the consideration (money) you receive for the shares. Which given the modern economic climate, might very well be nil.

    To quote the revenue 'Any gains arising on a subsequent disposal attracts CGT on the difference between the market value at date of death and the subsequent proceeds or the market value as appropriate.'

    In terms of CAT, depending on the amount of the total inheritance from your father's estate, i'm sure you will be ok, as the threshold for Group A (father to son) is 434k (after april 7th 09) and over 500k if he died prior to that date,


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