Inheritance Tax , CAT,CGT

almae34

Hi

does anyone know how the below would be liable to taxes.

Father has passed away and has requested in his will that the argri land and house be sold and profits be divided among his 4 children . They will be sold in separate lots (2)

This will approx give each child 220k between the sale of the house and land.

Are each child liable to CAT or CGT.

2 of the children where given a site from the late father which was not declared at the time. Would this make a difference to there entitlement or taxes owed. ?

Confused.

Victor

Unless the house sites were worth more than €90,000 each, it wouldn't seem to be a problem: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-thresholds-post-november-2011.aspx However, that is without seeing the full picture

Is the mother provided for?

Proper legal and tax advice would be important.

CAT applies when you receive something, usually for free or at a substantial discount.

CGT applies when you dispose of something (certain exemptions) at a profit.

almae34

Victor wrote: »

Unless the house sites were worth more than €90,000 each, it wouldn't seem to be a problem: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-thresholds-post-november-2011.aspx However, that is without seeing the full picture

Is the mother provided for?

Proper legal and tax advice would be important.

CAT applies when you receive something, usually for free or at a substantial discount.

CGT applies when you dispose of something (certain exemptions) at a profit.

Hi

Thanks for the reply. The mother is predeceased.


Thanks

Glass fused light

almae34 wrote: »

2 of the children where given a site from the late father which was not declared at the time. Would this make a difference to there entitlement or taxes owed. ?

Confused.

Was the legal work done on the sites to transfer ownership and to separate the folio?
Have the sites been put into use by the childern and if so what is their partnership / marital status ?

Edit did the mother have ownership of any of the property, did she have a will?

Mr. Incognito

Do NOT take complex tax advice off the internet

I know all the answers to your questions. But I am not handing it out for free on an internet forum.

Go to a tax advisor and a solicitor.

almae34

Glass fused light wrote: »

Was the legal work done on the sites to transfer ownership and to separate the folio?
Have the sites been put into use by the childern and if so what is their partnership / marital status ?

Edit did the mother have ownership of any of the property, did she have a will?

The mother is predeceased 20 yrs the fathers will was the only will left.

The 2 sites were built on and one daughter sold her house (unmarried)after 2 yrs and another daughter still lives in her house on her site(she is married)

Glass fused light

Ok so.
The sister 1 who sold (if not sister 2 who stayed) will know the solicitor they had dealings with.
Assuming that the father used the same solicitor to write the will your first port of call will be to that solicitor.
The mother may have had a legal interest in the house but not the land or may have had a legal interest in both.
The solicitor can explain who owned what and who inherited what.
The solicitor should be able to recomend a (good) tax accountant/advisor to look at the tax planning for the estate.
But it maybe that each site sister may need to appoint their own tax rep to regularise any outstanding tax issues.

nuac

Mod
Ok, thanks for all observations. Propose closing on this. Too complicated for the 'net
Endorsing advice to get proper legal and financial advice.