Capital Acquisitions Tax

Delta2113

I got a letter to say I received an inheritance and I am required to file an inheritance tax return.

I got a form which I can only use if I satisfy three conditions which I don't thing I do so I have to file on-line using ROS.

I inherited family home and because I always lived there and will continue to live there I qualify for Tax Exemption for Dwelling House so I should not have to pay any tax.

I hope my Solicitor can file this for me because I'm not sure of dates needed etc.

If I go ahead and register for ROS but don't use it and get my Solicitor to file online would they be curious as to why I opened an account but never use ROS?

Is this something Solictors do i.e. file this kind of return?

Any help appreciated.

Fiskar

it has to filed through your ROS account by either party

Delta2113

Fiskar wrote: »

it has to filed through your ROS account by either party

- Appreciate that I'll need to check with Solicitor. My P.C. is on it's last legs - anyone know if still running Windows XP could be a problem with ROS?

hytrogen

Best bet, get an accountant, solicitors deal with the rest of the gritty paperwork and chasing banks etc. brilliantly while an accountant makes the financial side of the process so smooth. I did a few years ago when the same happened to me and to be honest it was the best decision because I wasn't in the right mindset to carry it all out. It took a while because of this and that company clown sitting on their hands sometimes so a solicitors letter made things happen.
I was able to gather all necessary docs but they did all the grafting and worth every penny in the end.

Delta2113

I think I'll have to go through the Solicitor in anyway because Revenue need various dates - e.g. date of house value, date probate was granted and I just don't know these exact dates nor would an accountant.

Could I possibly get out of having to file as no tax is due or do you still need to file?

CIARAN_BOYLE

Delta2113 wrote: »

I think I'll have to go through the Solicitor in anyway because Revenue need various dates - e.g. date of house value, date probate was granted and I just don't know these exact dates nor would an accountant.

Could I possibly get out of having to file as no tax is due or do you still need to file?

I think you need to claim the exemption on the form or else you can be pursued for the tax on the full value of the inheritance.

Water John

Delta, be sure to file. It is Revenue decides you are exempt, not you.

Lockedout2

Water John wrote: »

Delta, be sure to file. It is Revenue decides you are exempt, not you.

It's a matter of facts not someone's decision. The claimant has either lived in the property as their PPR for three year or not, the donor has either owned it for three years or not. The donee either does not own an interest in another residential property or the don't.

A return is required where you exceed more than 80% of the group threshold.

Delta2113

My Solicitor looked after all the forms for Probate and some of these involved Revenue so they should know already I'm exempt from having to pay any tax.

What happens to people who have no access to the internet if they cant use ROS? Can you call into an office?

I'm a PAYE worker so I've never had to make a return and would be nervous If I'm forced into having to do so.

Pawwed Rig

Unusual to be claiming dwelling house exemption on an inheritance rather than a gift. Are you sure you qualify?

Tax advisor is what you want but a solictor who specialises in this area would know more than an accountant.

Delta2113

Pawwed Rig wrote: »

Unusual to be claiming dwelling house exemption on an inheritance rather than a gift. Are you sure you qualify?

Tax advisor is what you want but a solictor who specialises in this area would know more than an accountant.

- I've lived in the family home all my life - Mother left me the house and I will be staying here for at least another 6 years so yes I qualify.

I don't own any other property.

Pawwed Rig

OK as long as you are sure. I can't make that determination from what you've written in the thread so far as there are other criteria you would need to meet.

hytrogen

hytrogen wrote: »

Best bet, get an accountant, solicitors deal with the rest of the gritty paperwork and chasing banks etc. brilliantly while an accountant makes the financial side of the process so smooth. I did a few years ago when the same happened to me and to be honest it was the best decision because I wasn't in the right mindset to carry it all out. It took a while because of this and that company clown sitting on their hands sometimes so a solicitors letter made things happen.
I was able to gather all necessary docs but they did all the grafting and worth every penny in the end.

This.

Best money you will spend. Take time and be guided by them.

Delta2113

Living in the house for 3 years prior is the other criteria.

hytrogen

Pawwed Rig wrote:

Tax advisor is what you want but a solictor who specialises in this area would know more than an accountant.

True but solicitors don't always specialise in taxation, hence an accountant is then necessary.

Delta2113

Deleted User wrote: »

This.

Best money you will spend. Take time and be guided by them.

- It's straight forward as far as the dwelling house exemption is concerned.

Pawwed Rig

hytrogen wrote: »

True but solicitors don't always specialise in taxation, hence an accountant is then necessary.

Accountants rarely specialise in taxation. Tax is a separate qualification

hytrogen

Delta2113 wrote:

Could I possibly get out of having to file as no tax is due or do you still need to file?

CIARAN_BOYLE wrote:

I think you need to claim the exemption on the form or else you can be pursued for the tax on the full value of the inheritance.

+1 @ciaran_doyle !! Revenue are there to make sure you're not paying too much tax. Too little or nothing and it's for the gallows ye go!

Delta2113

Delta2113 wrote: »

- It's straight forward as far as the dwelling house exemption is concerned.

If you feel there's no problem, then work away! From personal experience, I can only advise an accountant be used to be sure, to be sure and for what they charge, it's worth the peace of mind!

Pawwed Rig

Delta2113 wrote: »

Living in the house for 3 years prior is the other criteria.

As I said as long as you are sure. From what is written here I would not be certain that you qualify

Delta2113

@Pawwed Rig - I don't expect you to say -yes 100% you qualify but I am curious as to why you are not certain from the information I supplied.

It would be helpful if you could elaborate and I might be able to clarify my situation for you.

I appreciate the help available here.

Pawwed Rig

I would love to but afaik advice on capital taxes is not allowed here. Maybe a mod could clarify?