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Capital Aquisitions Tax

  • 15-10-2014 3:00pm
    #1
    crazyfool
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi,

    I have a friend that was appointed trustee of partners(but not spouse) estate. Estate consists of one dwelling house. Trustee bequeathed entire estate and instructed to sell house and split proceeds 70% to trustee and 30% to brother. Is valuation date, date of death or date of sale of house? And I'm assuming CAT payable by trustee on 70% of proceeds and not value of house at date of death?

    Looking for second opinion!

    Thanks.


Comments

  • #2
    mozattack
    Registered Users, Registered Users 2 Posts: 1,908 ✭✭✭mozattack


    Valuation date will be the date in which the beneficiaries can benefit from the estate, more or less when the cash can be paid and that time is usually when clearance is obtained by the solicitors from both Revenue and Social Welfare.

    Date of death determines CAT rate and thresholds.

    Valuation date determines the year in which the returns should be filed (and has some other meanings for agricultural relief etc)

    I would expect CAT to be due on what was actually recieved because the leeches, oh I mean solicitors, will take their fees and clear any small fees of the deceased (e.g. electricity bills, LPT etc) first.


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