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limited interest in a property

  • 27-04-2016 9:36am
    #1
    tinybee
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi can anyone tell me where you might find out how much someone is entitled to if they have a limited interest in a property (10 years) and the property is sold before the 10 years elapses, thanks


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    tinybee wrote: »
    Hi can anyone tell me where you might find out how much someone is entitled to if they have a limited interest in a property (10 years) and the property is sold before the 10 years elapses, thanks

    Can't be sold without the consent of the individual with a 10 year right to reside.


  • #3
    tinybee
    Registered Users, Registered Users 2 Posts: 7 ✭tinybee


    Thanks Ciaran for replying. What if they have consented how do you work out any compensation due to them is there websites, information available on how work it out? tx


  • #4
    ohnonotgmail
    Registered Users, Registered Users 2 Posts: 40,641 ✭✭✭✭ohnonotgmail


    tinybee wrote: »
    Thanks Ciaran for replying. What if they have consented how do you work out any compensation due to them is there websites, information available on how work it out? tx


    this is probably a reasonable starting point http://www.revenue.ie/en/tax/cat/guide/limited-interests.html but at the end of the day it is how much they are able to negotiate for.


  • #5
    brian_t
    Registered Users, Registered Users 2 Posts: 6,790 ✭✭✭brian_t


    tinybee wrote: »
    Thanks Ciaran for replying. What if they have consented how do you work out any compensation due to them is there websites, information available on how work it out? tx

    It sounds to me like you should work out the compensation before agreeing to consent.


  • #6
    Spanish Eyes
    Registered Users, Registered Users 2 Posts: 16,059 ✭✭✭✭Spanish Eyes


    What you describe is a period certain interest of ten years.

    Using the tables in the Revenue link provided for a period certain interest, you can work out how much that was valued at for tax purposes at the time.

    So I would imagine if the property is sold, and the temporary owner is not getting any of the proceeds, that the compensation would be the difference between the recalculated value of the period certain interest at the date of sale, (ie reduced number of years) and the original value for the ten years.

    Someone else might have a different view on it, but that would be my starting point anyway, as if tax was paid (CAT) it would have been on the ten year value.


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