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Advice regarding inheritance

  • 30-04-2014 1:53pm
    #1
    Cucking Funt
    Banned (with Prison Access) Posts: 96 ✭✭


    Sometime in the future, I will inherit a house and will have to sell the damn thing due to a projected CGT bill of 90 thousand, any ideas on avoidance?


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    1. Inheritance and CGT do not go together.
    2. Seek professional advice specific to your circumstances.


  • #3
    Cucking Funt
    Banned (with Prison Access) Posts: 96 ✭✭Cucking Funt


    Alan Shore wrote: »
    1. Inheritance and CGT do not go together.
    2. Seek professional advice specific to your circumstances.

    I did and I'm advised it will raise cgt unfortunately


  • #4
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,633 ✭✭✭✭Marcusm


    Are you sure it's not capital acquisitions tax? In any event, it's likely only to be a fraction of the value of what you're inheriting. Get professional advice.


  • #5
    Cucking Funt
    Banned (with Prison Access) Posts: 96 ✭✭Cucking Funt


    Marcusm wrote: »
    Are you sure it's not capital acquisitions tax? In any event, it's likely only to be a fraction of the value of what you're inheriting. Get professional advice.

    CAT, sorry. Was revising tax and cgt is stuck in my head! Its a valuable house (or so revenue think), yeah ill seek some advice cheers!


  • #6
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    You would need to revise a bit better!

    Capital Acquisitions Tax is a self assessed tax so you put the value on the assets based on an independent valuation on the valuation date.

    There is a significant relief available that you should know if you are studying tax.

    Get some professional advice and they will explain it to you.

    PS best of luck with your exams.


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